NEW YORK (CNNMoney.com) -- Standard and Poor's downgraded the sovereign debt ratings for both Greece and Portugal on Tuesday, citing weak "macroeconomic structures," with the Greek debt lowered to junk status.
Greece's long-term sovereign debt rating was reduced to a rating of "BB+" from "BBB+." The short-term rating was lowered to "B" from "A-2."
It was the second downgrade in as many weeks for the debt-laden nation.
Separately, Portugal's rating was reduced to "A-" from "A+," which is still considered investment grade.
The downgrades came after Greece last week announced it would finally tap a European Union-International Monetary Fund sponsored $53 billion bailout plan.
The Dow is down 300 points over the past two days, leaving the index on track for its worst week since early February. Blame fumbled earnings reports from the likes of Apple and Google as well as concerns about the Bank of Japan. More
WeWork co-founder Miguel McKelvey talks to CNNMoney's Laurie Segall about his design process for WeWork buildings. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More