Fitch Ratings (Fitch) announced on Wednesday (222 days) down troubled Greece’s sovereign credit rating from CCC to C, that is, the Fitch rating system such as 11 of the junk, but also means that the Greek in the short term, breach of contract.
Fitch also pointed out that the Greek government plans to implement the debt swap program will be facing the Greek government bond investors is equivalent to 53.5% of its book value of the loss. This also means that after the completion of the program, the Greek government will, in essence, a “breach of restrictive” (restricted default)
Fitch also noted that, although there is no was to pay but are included in mandatory the reorganization of the bonds, including Greek government bonds will be debt mutual impact of the program and its rating will be lowered to D.
In addition, Fitch also said the debt swap is complete and new bonds to be issued shortly after Greece’s sovereign credit rating will be removed from the restrictive breach of contract and give rating.
Tags: Fitch, Fitch: Greece's sovereign credit rating lowered to C by the CCC, Greece, the sovereign credit rating
