Mon, 12 Mar 2012 09:51:35 GMT
Fitch downgraded Greece's IDR to "Restricted Default"
Fitch Ratings has cut Greek long-term foreign and local currency Issuer Default Ratings (IDR) to "Restricted Default" from "C" after announcement that Greece and the Euro Zone confirmed that exchange of the Greece's sovereign bonds will begin. The move follows cut of the Greece credit rating from "CCC" to "C". Fitch cited that the bond exchange indicates the country's default