Reuters
July 13, 2011
Fitch Ratings on Wednesday downgraded Greece deeper into junk territory, citing the absence of a new and fully funded financing program for the country.
Heightened uncertainty surrounding the role of private creditors in any future funding programs from the European Union and the International Monetary Fund also weighed on the decision, as well as Greece's weakening macroeconomic outlook, Fitch said.
The ratings agency cut Greece's rating to CCC, a rating that implies a substantial risk of default, from B-plus. The new rating was removed from credit watch negative.
A few hours before downgrading Greece, Fitch gave Italy a vote of confidence, saying the country's debt will remain on a sustainable path as long as the government adheres to its "ambitious" fiscal targets.
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