Fitch downgrades Greece's credit rating from 'C' to 'partial default' (restricted default). The judgment, according to a note from the agency, applies to issues in euro and in foreign currency. The move by the international rating agency comes after the results of the operation were released Greek bond swap held by private creditors.
Pass by instead "C" to "D" the rating on the new bonds issued under Greek law as part of the swap offer on Greek government bonds. For bonds subject to foreign legislation, the Fitch rating will remain at “C” until March 23, when the window for joining the swap for this type of bond will close. At that point it will be brought to “D”.
However, Fitch specified that once the debt swap has been implemented, it will issue a new rating on the country.
