Most rating agencies say no default if Greece misses payments to ECB and IMF

Heads up from our friends at Livesquawk to an article from Reuters

Standard and Poor's, Fitch and DBRS all say that as the IMF and ECB are not standard creditors, a missed payment to either, although likely to push Greece's rating even deeper into junk, would not be classed as a default.

Frank Gill, who rates Greece for S&P says

If Greece were, for whatever reason, not to make a payment to the IMF or ECB that would not constitute a default under our criteria as it is 'official' sector debt

As was seen during Greece's massive 2012 debt restructuring, only when all four of the main agencies -- Moody's is the other one -- declared Athens in default, did the ECB say it would not accept Greek bonds as ELA collateral.

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