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3/16/10

Greece Avoids S&P Downgrade - by John Kell

Greece avoided a downgrade to its credit rating by Standard & Poor's Ratings Services, which had warned last month that it was considering such a move, although the ratings firm slapped on a negative outlook.

The euro also rose in the minutes following S&P's announcement.

S&P credit analyst Marko Mrsnik said the Greek government's plans to reduce its deficit was supportive of the nation's current triple-B-plus long-term credit rating, which is three notches into investment-grade territory. S&P said the government's reduction measures were "appropriate to achieve its 2010 fiscal target."

For more: Greece Avoids S&P Downgrade - WSJ.com

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