S&P’s Latest Greek Downgrade Is a Joke

Is Standard & Poor flogging a dead horse?

The rating agency downgraded Greece’s outlook to negative, as the country’s economic situation worsened and it delayed the implementation of budgetary consolidation measures.

It may be noted that in March, Moody's Corporation (NYSE:MCO) downgraded Greece’s credit rating to C, the lowest possible level. C-rated bonds are known to be the lowest rated class and are typically in default, with little likelihood for repayment of interest or principal.

Given the writing was already on the wall, what is S&P’s latest downgrade likely to achieve?