Greece's Credit Rating Cut Again Amid Fears
Fitch ratings agency on Wednesday slashed its rating for Greek sovereign debt to “C” from “CCC,” indicating that default is “highly likely in the near term.” The downgrade comes just after the country secured a second bailout from its creditors and the subsequent announcement by the Greek government that private investors holding Greek debt would be forced to accept a debt swap, in which they exchange their bonds for lower-value debt.