Greece, S&P cuts its rating from B to B- with negative outlook

Greece: S&P cuts rating to B- from B. Athens remains under observation with negative implications. Standard & Poor's downgraded Greece's long-term rating to 'B-' from 'B'. This rating, as well as the short-term one, remain under observation with negative implications as decided by the agency on 28 January. The move reflects beliefs that 'limited liquidity is weighing on Greek banks' and that the status of the local economy has 'reduced the time frame within which the new government can reach agreement on a financing program with its creditors: EU member states, the ECB, the IMF and the EFSF (European Financial Stability Facility). A24-Spa