Athens is struggling and still needs the next tranche of bailout money, while the Troika has sought to extract further conditionality from the HellenicRepublic.
The credit rating agency noted that the bond buyback that the HellenicRepublic is conducting as a prerequisite to getting the next tranche of bailout aid from the Troika constitutes a distressed debt restructuring, which in their books means default.
Greece has cleared another hurdle as it struggles to avoid default, going through with its highly controversial debt restructuring (dubbed PSI), and effectively forcing the International Swaps and Derivatives Association (ISDA) to rule, along with credit rating agencies, that the HellenicRepublic has indeed defaulted.