S&P cuts Marfin

Standard & Poor's said it lowered the long-term corporate credit rating on Marfin Investment Group Holdings SA to B from B+ and affirmed the B short-term corporate credit rating.

The outlook is negative.

The rating action on Marfin follows the downgrade of Greece (B/Watch Negative/C) on May 9, the agency said.

The ratings consider Marfin's high country risk exposure to Greece, Greece's declining credit quality and its tough economic and financial environment, the agency said.

The negative outlook reflects the view of the uncertainties about Marfin's future financial and operational policies and the CreditWatch negative status on the Greek sovereign ratings, the agency added.

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