Thursday, July 14, 2011

Greece, Fitch downgrades credit rating from 'B +' to 'CCC'

Fitch cut its long-term rating of Greece to 'CCC', four steps less than the previous 'B +'. The decision is mainly due to the absence of a credible plan of aid for the country. The downgrading of Athens, Fitch said in a statement, reflecting the lack of a new program of support to Greece by the European Union and the International Monetary Fund should be credible and fully funded.

At this, the rating agency points out, there is increasing uncertainty about the role of the private sector in any future financing of Greece, just as you are weakening the country's macroeconomic prospects.

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