Advertisement
Ratings agency Fitch Wednesday downgraded Greece's debt rating to its lowest possible level, by two notches to C, down from a CCC rating.
It said the downgrade was triggered by the deal between Greece and
the banking industry, under which the banks will swap their existing
bonds for new debt worth much less.
The exchange, if completed, would constitute a "distressed debt
exchange," said Fitch.
Once the bond exchange was completed, Fitch said it would look
again at Greek government debt and issue new ratings.
