Standard and Poor's Ratings Services has downgraded the long-term sovereign credit rating on Greece to 'CCC' from 'CCC+' because of the absence of a deal between Greece and its creditors. The outlook is negative.

The agency noted that Athens will likely default on its commercial debt within the next 12 months.

"As its liquidity position continues to deteriorate, Greece appears to be prioritizing other spending items over debt servicing. In our view, without a turnaround in the trajectory of nominal GDP and deep public-sector reform, Greece's debt is unsustainable. The downgrade reflects our view that in the absence of an agreement with its official creditors, Greece will likely default on its commercial debt within the next 12 months," S&P said in its statement.