UH OH: S&P Deals Blow To Greek Bail-Out Plan. “French and German banks’ plan to roll over their holdings of Greek debt suffered a blow on Monday as Standard & Poor’s, the credit rating agency, said the move would amount to a default. The proposal to provide up to €30bn ($43.6bn) in financing for Greece had been made conditional on rating agencies not downgrading Greece’s debt. But S&P said on Monday that any rollover would be a ‘distressed’ transaction and thus lead to Greece’s rating being lowered to selective default.”