Bloomberg News

Greece’s Issuer Default Ratings Cut to CCC From B+ by Fitch

July 13, 2011

July 13 (Bloomberg) -- Greece had its long-term foreign and local currency issuer default ratings cut to CCC from B+ by Fitch Ratings because of the lack of an aid program for the debt-laden country.

The country’s short-term foreign currency issuer default rating was also cut, to C from B.

The downgrade reflects the absence of a new, fully-funded and credible program for Greece by the European Union and the International Monetary Fund, Fitch said. That’s coupled with more uncertainty surrounding the role of private creditors in any future funding, as well as Greece’s weakening macroeconomic outlook, Fitch said.

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