Standard & Poor's Ratings Services lowered its sovereign rating on Greece to 'CCC minus' from 'CCC', saying the probability of Greece exiting the Eurozone was now about 50 per cent.
Greece's bailout talks with lenders collapsed over the weekend, intensifying fears that the country could soon exit the Eurozone.
A Greek official told Reuters on Monday the country would not pay a 1.6 billon euro loan instalment due the International Monetary Fund (IMF) on Tuesday.
S&P said according to its assessment, Greece would likely default on its commercial debt during the next six months.
Should Greece exit the Eurozone, there will be a serious foreign currency shortage for the private and public sectors in the country, which may lead to rationing of key imports, according to the rating agency.
S&P's outlook on the country is negative.
The agency said it could lower its long-term ratings on the country within the next six months in case of a distressed exchange or nonpayment of commercial debt.
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