S&P cuts Greece's long-term debt rating to 'selective default'

RATINGS-GREECE-SANDP-DOWNGRADE:CORRECTED - S&P cuts Greece's long-term debt rating to 'selective default'

Standard & Poor's on Wednesday cut Greece's sovereign long-term foreign currency credit rating to "selective default" from an already low "CCC" rating.

Last week Greece and its international lenders reached a deal to lower the country's debt burden, which included a debt buyback.