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S&P lowers Greece ratings outlook to negative

SAN FRANCISCO (MarketWatch) -- Standard & Poor's said Tuesday it was lowering its outlook on Greece to negative from stable on the possibility that it may fail to secure further bailout funds from the European Union and the International Monetary Fund. S&P has CCC/C long- and short-term foreign and local currency sovereign ratings on Greece. "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 a statement.