- Standard & Poor's
Greece's CCC credit rating was revised from stable to negative on concern the economy is worsening, said the Standard and Poor's on Tuesday. The Greek economy may shrink as much as 11 per cent this year and in 2013.
"We see the likelihood of shortfalls, owing to election- related delays in the implementation of budgetary consolidation measures for the current year, as well as the worsening trajectory of the Greek economy," S&P said in the statement.
"As a result of this economic weakness, and due to an absence of progress on tax administration reforms, collection of personal, corporate and indirect taxes is well below target for 2012."
European stocks gained on Tuesday as companies from Xstrata Plc to Danske Bank A/S reported better than expected earnings.
The Stoxx Europe 600 Index advanced 0.75 per cent to 268.80. Germany's DAX Index rose 0.71 per cent and France's CAC 40 Index added 1.52 per cent.
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