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.
Jobs at Disney, the NCAA and UPS, as well as warehouse, babysitting and journalism jobs are some of the most searched on Google in 2015. More
A new Kansas law approved Tuesday is too strict for Uber. It stop operating there immediately. More
Lack of wage growth and career opportunities along with long hours are most likely to make someone say "Sayonara, boss," according to a new global survey of full-time employees. More