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