Greece Credit Rating Affirmed at ‘CCC’ – Fitch Ratings
Greece has been assessed as having CCC’s Issuer Default Ratings for its long-term foreign and local currency, Fitch Ratings in London announced in a release.
Fitch explained that Greece’s financial assistance program with the European Stability Mechanism of up to 86 billion euros has reduced the risk of the country defaulting on its private sector debt obligations and supports the rating at ‘CCC’.
“The issue ratings on Greece’s senior unsecured foreign and local currency bonds have also been affirmed at ‘CCC’. The Short-term foreign currency IDR has been affirmed at ‘C’ and the Country Ceiling at ‘B-’,” the release stated on Friday.
However, Fitch warned that the risks to the program remain high and further deadlocks in negotiations are possible.
“It will take some time for trust to be restored between Greece and its creditors… Meanwhile, the political situation in Greece remains unpredictable,” Fitch cautioned.
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