The rating agency lowers rating of Greece after the announcement of the referendum. His sovereign rating of Greece to CCC and CCC-pass and said that the probability of a Greek exit from the eurozone was now in the order of 50%.
“The decision of Greece to hold a referendum on the proposal of the creditors is a further sign that the government will emphasize Tsipras domestic politics at the expense of economic and financial stability (and) the payment of the debt, “said the agency in a statement.
In the absence of unforeseen favorable change in the situation, Greece will probably be in default of its commercial debt within six months, said the rating agency.
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