Fitch Ratings on Friday downgraded Greece’s credit rating to BB-plus from BBB-minus. The cut puts Greece’s credit rating in junk territory. The agency said the outlook for the rating is negative, which means the rating could be cut further in the future. Although Greece’s economic and fiscal performance has exceeded expectations in many respects, “its heavy public debt burden renders fiscal solvency highly vulnerable to adverse shocks,” the agency said, in a news release. The negative outlook “reflects that public debt sustainability is still very fragile and renewed access to market financing uncertain,” Fitch said. The agency said a “high degree of uncertainty” surrounds Greece’s goal of returning to international credit markets in 2012, as stipulated under the International Monetary Fund-European Union bailout.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
