herald

Tuesday 12 December 2017

Ratings cut for Greece

GREECE has taken a hit from ratings agency Fitch which cut its long-term ratings to almost a default to C from CCC.

Fitch became the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden. Fitch said Greece would be designated as having technically defaulted after the bond exchange is formalised, but the new bonds would be give a new rating.

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