World Bulletin / News Desk
Ratings agency Standard & Poor's on Tuesday revised Greece's outlook to negative, saying the debt-ridden euro zone country could need more help from its international creditors.
"Following delays in implementing budgetary consolidation measures and a worsening Greek economy, we believe Greece is likely to require additional financing for 2012 under the EU/International Monetary Fund (IMF) program," S&P said in a statement.
"We are revising the outlook on the long-term ratings on Greece to negative, reflecting the possibility of a downgrade if Greece fails to secure the next disbursement of the EU/IMF Program," S&P said.
Greece is behind on targets agreed under a 130 billion euro financial rescue package.
The resumption of bailout funding hinges on a progress report by the EU, IMF and European Central Bank inspectors, which is not expected before September.
"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.
The ratings agency said it sees the Greek economy shrinking by 10 percent to 11 percent, cumulatively, during 2012-2013.
S&P also affirmed Greece's CCC rating, which is already well in speculative territory.
Moody's Investors Service rates Greece C, and Fitch rates the country CCC
Analysts said that while the downturn in the headline readings was disappointing, the economy continued to put in a strong performance.
Crude prices stabilised after diving more than two percent on Tuesday on increasing fears of a global supply glut, as continued production in the US and elsewhere offsets an OPEC output cut deal.
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While a "rebalancing of the market" was "underway," it was "at a slower pace than originally anticipated," the Organization of Petroleum Exporting Countries wrote in its latest monthly oil market report.