As Greek government seeks to reach deal with creditors, S&P downgrades rating
Standard & Poor's has cut its credit rating on Greece amid concerns over the country's cash position as the new Greek government tries to reach a new deal with bailout creditors.
In a statement Friday, the agency says it has lowered Greece's long-term rating by one notch to B- and warned that a further downgrade is possible by keeping the country on so-called "creditwatch negative."
S&P says the downgrade "reflects our view that the liquidity constraints weighing on Greece's banks and its economy have narrowed the timeframe during which the new government can reach an agreement on a financing program with its official creditors."
Left-wing Syriza swept to power less than two weeks ago in a general election on a promise to bring an end to Greece's years-long austerity.