Greece became the lowest-rated country in the world in the rankings of Standard & Poor's on Monday, putting it below Ecuador, Jamaica, Pakistan and Grenada.
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The rating agency cut
Greece three notches and warned it would view a likely debt restructuring as a default.
This was the latest blow for the Greek government, which is scrambling to push a new austerity package through parliament to clinch continued funding under a year-old bailout plan despite rising public discontent.
The move takes S&P's rating of Greece one notch below Moody's Caa1, while Fitch ranks Greece at B+.
S&P said the outlook on the long-term rating remained negative, a sign that another downgrade is likely in the next 12 to 18 months.