FITCH DOWNGRADES GREECE TO ‘RESTRICTED DEFAULT’

Friday, March 9, 2012
By Paul Martin

Simone Foxman
BusinessInsider.com
Mar. 9, 2012

Fitch just downgraded Greece from “C” to “restricted default.”

This designation hardly comes as a surprise, since the ratings agency had previously said that the country’s planned debt restructuring would throw it into restricted default.

Fitch’s decision mirrors a recent downgrade from Standard & Poor’s which put Greece in “selective default.”

Unlike a disorderly default, in a “restricted” or “selective” default Greece has not actually been declared insolvent.

Fitch said it will raise Greece’s issuer rating from “RD” after its debt swap has been completed on March 12.

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