Market Watch: S&P cuts Greece ratings to junk status

Standard & Poor's said Tuesday it cut Greece's ratings to junk status.

The ratings agency lowered the long-term sovereign credit rating on Greece to BB+ from BBB+.

The outlook is negative.

"The downgrade results from our updated assessment of the political, economic, and budgetary challenges that the Greek government faces in its efforts to put the public debt burden onto a sustained downward trajectory," said Marko Mrsnik, an S&P credit analyst, in a statement.

Market Watch