Ratings agencies say no default if Greece misses payments

London

MOST top credit rating agencies say they would not cut Greece's rating to default if it misses a payment to the International Monetary Fund (IMF) or European Central Bank (ECB), a stance that could keep vital ECB funding flowing into the financial system.

Greece owes nearly one billion euros (S$1.5 billion) to the IMF in May and almost seven billion euros to the ECB over July and August and there are concerns that the government, stuck in funding talks with official lenders, will miss the payments.