LONDON, March 9 (Xinhua) -- Fitch Ratings on Friday downgraded Greece's sovereign rating to "restricted default" hours after the Greek authorities and eurozone officials confirmed that Greece's debt swap deal will proceed.
Fitch had said the deal would constitute a sovereign default event under the agency's distressed debt exchange (DDE) rating criteria.
The move followed the downgrade of Greece to "C" from "CCC" on 22 February by the agency.
Greece's short-term foreign currency IDR remains unchanged at "C," Fitch said.
The euro area Country Ceiling, which is applicable to all euro area member states, also remains unchanged at "AAA," it said.
