S&P lowers its outlook on Greece to negative.

 S&P has revised its outlook on Greece's long-term rating to negative, reflecting the potential for a downgrade if the country fails to secure the next disbursement from the EU/IMF financing program. S&P also affirmed its CCC foreign and C local currency credit ratings for the country, and projected that its GDP will contract by a cumulative 10%-11% during 2012-13.