Ratings agency Standard & Poor's has cut Greece's credit rating, saying that eurozone plans to restructure the country's debts will constitute a selective default.
Under the plans, Greece would be given longer to repay its debts and private investors will take a hit, the BBC reports.
Standard & Poor's has cut Greece's rating to CC from triple CCC, which is just two levels above default status.
Earlier this week, Moody's rating agency also downgraded Greece, while Fitch has indicated it may follow suit.
