S&P cuts Greece's credit rating to SD - Selective Default - from  CC following the country's...

|By:, SA News Editor
S&P cuts Greece's credit rating to SD - Selective Default - from  CC following the country's insertion of retroactive collective action clauses into its debt. "The effect of a CAC is to bind all bondholders of a particular series to amended bond payment terms ... (it) materially changes the original terms of the affected debt."