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Found this:
About an hour ago, Fitch downgraded its credit rating on Greece from CCC to C - the level that indicates default.
It said that the debt-swap deal will constitute a "distressed debt exchange". Once the swap is completed, it will lower Greece's rating to RD (for restrictive default), and then re-rate the country "at a level consistent with the agency's assessment of its post-default structure and credit profile".
Whatever that mouthful actually means.
You should be able to find the statement here somewhere:
http://www.fitchratings.com/web/en/d...fitch-home.jsp
Here:
http://www.zerohedge.com/news/breath...omment-2184233
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