S&P takes Greece off ratings watch

S&P affirms Greece’s BBB+ rating and takes it off watch for a downgrade. The outlook remains negative.

Greece’s deficit reduction package is appropriate to achieve its 2010 fiscal target.

The negative outlook reflects the government’s ability to sustain reform momentum in the medium-term. Greece may need additional measures in the coming years to reduce the deficit.

EUR/USD reached 1.3671 on the S&P news.