NEW YORK (AP) — Standard & Poor's Ratings Services on Tuesday lowered its outlook on Greece's long-term credit rating, saying that the financially troubled nation will likely need further aid from its international lenders amid a worsening economy and delays implementing harsh austerity measures.
The ratings firm downgraded Greece's long-term sovereign credit rating outlook to "negative" from "stable." Its rating remained at "CCC," well into "junk" status.
Greece's economy is worsening, so it will likely need as much as €7 billion ($8.7 billion) in additional financing, or 3.7 percent of its gross domestic product, from the European Union and the International Monetary Fund, S&P said.
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