S&P tracks Moody's in lowering Greece's credit rating to CC from CCC with negative outlook, which is only two steps above default, where the countryis heading towardsselective default, according to S&P's rating methodology.

The rating agency sees that the second bailout plan approved last week by European officials, which includes the involvement of private sector investors and Greek debt restructuring, would end up with losses to commercial creditors.

Following the announcement, the euro fell against majors, especially low-yielding currencies.