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S&P May Downgrade Greece

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By Douglas A. McIntyre Updated Published
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Global capital markets investors are bound to once again take a dim view of the future stability of the eurozone. S&P has warned that is may downgrade the sovereign debt of Greece.

“Standard & Poor’s Ratings Services has placed its ‘BB+’ long-term term sovereign credit rating on Greece on CreditWatch with negative implications,” the company said.

The note came with an indication that the future of Greece’s finances are co-mingled with its banks, just as has been the case in Ireland.

S&P said “We believe that this could have a negative impact on the creditworthiness of the four Greek banks and one related international  subsidiary that we rate, namely: National Bank of Greece S.A. (BB+/Negative/B)and its strategically important Bulgarian subsidiary United Bulgarian Bank A.D. (BB/Negative/B), EFG Eurobank Ergasias S.A. (BB/Negative/B), Alpha Bank A.E.  (BB/Negative/B), and Piraeus Bank S.A. (BB/Negative/B). We expect to publish a  more detailed analysis of any impact of our sovereign CreditWatch action on  the credit ratings on these banks as soon as permitted to do so under applicable EU law. The delay in our communication is to meet the requirements  of EU credit rating agency regulation.

Douglas A. McIntyre

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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