Fitch cuts Greece’s credit rating two notches to ‘C’
World BusinessFeb 24, 2012
PARIS (AFP) ― The international ratings agency Fitch said Wednesday that it has cut the long-term rating on Greece’s sovereign debt by two notches, from “CCC” to “C.”A Fitch statement said it now considered that a Greek debt default was “highly likely in the near term.”The agency said the downgrade followed Tueday’s hard won agreement for a second rescue of Greece, which includes a 53.5 percent writedown on private holdings of the country’s sovereign debt through a bond swap scheme.The writedown