As per recent news, Greece is rated as "selective default" by the Standard & Poor's Corp. in its latest ratings released on Wednesday.

The country's credit ratings were earlier rated at a "CCC" which downgraded to "selective default" in recently reviewed ratings by S&P. Greece is considering debt buyback that is anticipated on December 17, which may get the "CCC" rating back to it.

Earlier this week, Greece announced plans to leave, half of the loans that it owes to the private sector. The move is considered to put off the debt burden the country's facing and is welcomed in the market.

However, it's not yet clear that whether or not, the new plans will help Greek recover as expected by the economists across the world. S&P criticized the plans by Greece saying that they will not pay the investors with the deserving amount.

The plans were one of the steps suggested by the euro-zone finance in lieu to provide an aid to debt stricken economy of Greece. "It's a technical move and not necessarily an indication of an actual default. Once the tender is completed, S&P will revisit their opinion", said Adrian Miller, a senior global market Strategist at GMP Securities in New York. Moody's Investors rate Greece at `C' while Fitch Ratings gave it "CCC" rating.