Definition of Selective Default. To be considered now that finally Greece is downgraded by S&P. Not a complete default but close enough. ISDA is discussing if the CDS will be triggered, sure thing will happen as soon as CAC clause is added retroactively to all Greek bonds.
...has failed to pay one or more of its financial obligations (rated or unrated) when it came due. An “SD” rating is assigned when Standard & Poor’s believes that the obligor has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner.
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