Fitch downgraded Greece's IDR to "Restricted Default"

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Source: Forexfactory
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 event that meets Fitch's criteria of distressed debt exchange.


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Mon, 12 Mar 2012 10:15:05 GMT

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