S&P cuts Greece rating after referendum called

Standard & Poor's downgraded Greece's credit rating deeper into junk territory on Monday, saying the government's decision to hold a referendum on creditor proposals brought it closer to default. "We interpret Greece's decision to hold a referendum on official creditors' loan proposals as a further indication that the Tsipras government will prioritize domestic politics over financial and economic stability, commercial debt payments, and eurozone membership," said S&P. S&P said that the inability of Prime Minister Alexis Tsipras's government to agree with its official creditors on a loan program was a sign that Athens would likely miss its payment obligations due on June 30, including the 1.5 billion euros ($1.7 billion) to the International Monetary Fund.

S&P cuts Greece rating after referendum called source: http://finance.yahoo.com/news/p-cuts-greece-rating-referendum-called-191035549.html