Standard & Poor’s said Greece risks a default in a new report. Political reactions to the painful Greek bailout are the number one risk that the country faces.

The government needs to implement reforms including pension cuts and benefits and this is increasing political instability in Greece. The first evaluation of the program by the ESM has been delayed until February 2015.

The company’s long-term assessment of Greece to CCC+ reflects that the Greek government is depending on favorable business, financial, and economic conditions to meet its debt obligations in the next 12 months. A default, though less likely than in July, is still a possibility.