国际英语新闻：Greek surprised at Standard & Poor's credit rating warning

ATHENS, Dec. 3 (Xinhua) -- The Greek Finance Ministry expressed "surprise" on Friday for Standard & Poor's (S&P) warning for further downgrade of its credit rating.

One year after the outbreak of a severe debt crisis that led the country to the brink of default amidst a series of downgrades of its credit rating by international credit rating firms, S&P warned it may further downgrade Greek bonds from the current BB- level in the next three months.

The agency said that it decided to put Greece on a negative credit watch, despite fiscal progress made over the past few months, as Athens implements a harsh austerity and reform program.

S&P attributed its decision to the uncertainty regarding the new borrowing rules in eurozone that could benefit state bond holders in comparison to private bond holders, according to the statement.

"This decision causes surprise after the first successes of the Greek Stability and Growth Program regarding fiscal consolidation and structural reforms that boost competitiveness," said a statement released by the Greek Finance Ministry on Friday.

Noting that the decision on the new borrowing rules apply to countries that will need financial support from European Union after 2013, the Ministry stresses that should not be linked to Greece, which has already secured an aid package by EU and International Monetary Fund (IMF) earlier this year.

Local analysts commented that using the term "surprise" Greek officials sent a message of discontent with S&P's move.

Athens has repeatedly and strongly criticized credit rating agencies for downgrading the credit rating of Greek state bonds " unreasonably" over the past year. Greece claims that firms such as S&P contributed to the creation of a negative climate for Greece, forcing the country to eventually ask for the activation of the EU-IMF support mechanism in May.