Associated Press
May 20, 2011
The Fitch ratings agency downgraded Greece's debt grade by three notches further into junk status on Friday, another blow to the debt-ridden country that saw its borrowing rates spike to new record highs.
Fitch cited problems with Greece's implementation of essential reforms to its economy, which European officials have said are behind schedule and need to be broadened.
The downgrade "reflects the scale of the challenge facing Greece in implementing a radical fiscal and structural reform program necessary to secure solvency of the state and the foundations for sustained economic recovery," the agency said.
It cut Greece's long-term sovereign rating to B+ from BB+ — a move which the government criticized as having been influenced by media rumors and a failure to consider the additional commitments Athens has made.
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