FITCH DOWNGRADES GREECE TO 'RESTRICTED DEFAULT'

FITCH DOWNGRADES GREECE TO 'RESTRICTED DEFAULT'
Simone Foxman | Mar. 9, 2012, 10:10 AM

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.

Read more: http://www.businessinsider.com/fitch-downgrades-greece-to-restricted-default-2012-3#ixzz1odfoIi00