Fitch downgrades Greek IDRs three notches to CCC, sees damage to recovery

Economy Tags: Ratings

In an unexpected move on Friday evening, Fitch Ratings downgraded Greece’s long-term Issuer Default Ratings (IDRs) by three notches to ‘CCC’ from ‘B’.

The scheduled rating review was on May 15. However, Fitch believes that developments in Greece warrant a deviation from its calendar.

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