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Greece’s credit grade was reduced to SD, or selective default, by Standard & Poor’s from CCC after the government began buying its bonds back from investors, a statement on the rating company’s website said yesterday.

The nation has offered 10 billion euros ($13.1 billion) to purchase debt issued earlier this year as the bailed-out country attempts to cut a debt load that may threaten future international aid. The rating was lifted to CCC from SD in May after undergoing the largest sovereign restructuring in history earlier this year.

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