NEW YORK, Dec. 8 (Xinhua) -- The dollar rose against most major currencies on Tuesday after credit ratings of Greece and some Dubai companies were downgraded.

    Fitch cut ratings on Greek debt to BBB+ from A- with a negative outlook. It is the first time in 10 years a leading ratings agency has given Greece a rating of below A grade.

    Fitch said the downgrade "reflects concerns over the medium-term outlook for public finances, given the weak credibility of fiscal institutions and the policy framework in Greece, exacerbated by uncertainty over the prospects for a balanced and sustained economic recovery."

    Moody's Investors Service downgraded all six Dubai government-related issuers. This rating action follows recent comments and statements from government officials, which cause us to believe that no meaningful government support should be assumed for any entity that is not directly part of or formally guaranteed by the government.

    Moody's also said U.S. and U.K. must take action soon to get their public finances in order if they want to avoid threats to their top AAA credit ratings.

    The downgrades added to worries over the global financial system and economic outlook, driving money into the U.S. dollar for safety. An unexpected decline of Germany industrial production also helped pushing the greenback higher.

    The euro bought 1.4685 dollars in late New York trading compared with 1.4823 dollars it bought late Monday. The pound fell to 1.6261 dollars from 1.6439 dollars.

    The dollar rose to 1.0671 Canadian dollars from 1.0531 Canadian dollars, and rose to 1.0283 Swiss francs from 1.0192 Swiss francs. It fell to 88.34 Japanese yen from 89.48 Japanese yen.

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