Wall Street Journal
July 21, 2011
Fitch Ratings Inc. on Friday became the first of the three major ratings companies to say that a new aid package for Greece will put the country in "restricted default" and ratings of other peripheral euro-zone countries will also be affected.
Fitch said the Greek deal sets a "potential precedent" for private-sector involvement in sovereign-debt restructuring that will be incorporated into its ratings of Ireland and Portugal if those countries don't see a sustainable recovery by 2013.
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