Europe, Standard & Poor's | featured news

Standard & Poor's cut its ratings on Greece three notches on its expectations of the likelihood of one or more defaults over the next 12 months.

Ratings agency Standard & Poor's downgraded two of the euro zone's most troubled member states, citing fears that the pair may have to restructure their debt after 2013.

Moody's Investors Service downgraded Greek debt by four notches to junk status. It follows Standard & Poor's, which put the debt-laden country in the speculative-grade camp almost seven weeks ago.

The move by Standard & Poor’s on Tuesday deepened Europe’s debt crisis, and investors sold off government bonds amid fears of a default.