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Europe

Fitch slashes Greece's credit rating

Text by News Wires

Latest update : 2011-05-20

Fitch Ratings downgraded Greece's credit rating by three notches to B+ on Friday, in a further blow to the debt-ridden country. Fitch cited problems with the fiscal and structural reforms required for sustained economic recovery.

AFP - Fitch Ratings on Friday slashed Greece's credit ratings by three notches to B+ due to the massive challenges of correcting the country's finances but said it expects Athens to get more help and avoid restructuring its debt.

"The rating downgrade reflects the scale of the challenge facing Greece in implementing a radical fiscal and structural reform programme necessary to secure solvency of the state and the foundations for sustained economic recovery," Fitch said in a statement.

Although there has been increased talk within the eurozone about extending the repayments of Greek debt, Fitch said it expects that Athens will obtain a fresh bailout and make repayments on time.

"The 'B+' rating incorporates Fitch's expectation that substantial new money will be provided to Greece by the EU and IMF and that Greek sovereign bonds will not be subject to a 'soft restructuring' or 're-profiling' that would trigger a 'credit event' and default rating from Fitch," it said.

The ratings agency said it would consider an extension of the maturity of existing bonds in effect to count as a default and that it would adjust its ratings accordingly.
 

Date created : 2011-05-20

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