S&P affirmed Greece’s BBB+ credit rating and took them off credit watch with negative implications but the outlook is negative from stable (which reflects their view of the govt’s ability to sustain reform momentum in the medium term). S&P said “we view the Greek govt’s total package of deficit reduction measures as appropriate to achieve its 2010 fiscal target, given the deterioration in Greece’s growth prospects.” They see “real GDP contracting by 4% this year.” “Despite the new measures, we think it will be difficult for Greece to comply fully with its planned consolidation path…if it does not implement additional measures in teh coming years.”
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