ATHENS: Fitch rating firm stated that it cuts Greece rating by two notches to the high-risk level of “CCC” from “B”, that nevertheless it expected the government would survive its cash squeeze. Fitch has cut Greece’s rating amid worries that the country is running perilously close to defaulting said fitch official.
Ratings firm Fitch has cut Greece’s credit rating amid worries that the eurozone country is running perilously close to defaulting on its sovereign debt. “Lack of market access, uncertain prospects of timely disbursement from official institutions, and tight liquidity conditions in the domestic banking sector have put extreme pressure on Greece government funding,” Fitch said in a statement.”We expect that the government will survive the current liquidity squeeze without running arrears on debt obligations, but the heightened risks have led us to downgrade the ratings.”
