LONDON, Feb. 22 (Xinhua) -- Rating agency Fitch downgraded Greece's long-term foreign and local currency Issuer Default Ratings (IDRs) to "C" from "CCC" on Wednesday, said a statement.
Moreover, the statement said it now considered that a Greek debt default was "highly likely in the near term."
Fitch also affirmed Greece's short-term foreign currency rating at "C", adding that the euro area ceiling at "AAA", which is applicable to all eurozone member states.
The downgrade followed Eurogroup's statement on a second financing programme for Greece including "private sector involvement" (PSI) and a subsequent announcement from the Greek authorities outlining the terms of the proposed exchange of Greek Government Bonds (GGBs).
The downgrade is in line with Fitch's statement on 6 June 2011, which outlined its rating approach to a sovereign debt exchange.
Major credit rating downgradings of Eurozone countries in 2012
|
Date
|
Rating agency
|
Country
|
Before
|
After
|
| Feb. 22 |
Fitch |
Greece |
CCC |
C |
| Feb. 13 |
Moody's |
Italy |
A2 |
A3 |
| |
|
Spain |
A1 |
A3 |
| |
|
Portugal |
Ba2 |
Ba3 |
| Jan. 28 |
Fitch |
Italy |
A+ |
A- |
| |
|
Spain |
AA- |
A |
| Jan. 13 |
S&P |
Italy |
A |
BBB+ |
Related:
Greece wins battle against default with dual fresh bailout, struggle remains
ATHENS, Feb. 22 (Xinhua) -- Greece won on Tuesday a crucial battle in the two-year war to avoid a devastating default, securing a dual deal on a second bailout package and debt restructuring. But struggle continues, demanding the full implementation of commitments and focus on potential snags on the way to overcome the debt crisis that could throw global economy in deep recession. Full story
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