Credit rating agency Fitch Ratings (Fitch Ratings) on Friday said the agency decided to Greece's sovereign credit rating from "BBB-" cut to "BB +" The junk rating, and said the rating outlook to "negative" (Negative), which means that the future of the agency may cut its rating further.
Fitch Ratings noted that while in many ways, Greece's economic and financial performance have exceeded expectations, but the "heavy burden of public debt led to its financial solvency is vulnerable to adverse shocks." The agency further pointed out that "negative" rating outlook "reflects, Greece's public debt sustainability is still very fragile, and whether the re-financing through the market prospects can not be determined."
Fitch Ratings said that according to the European Union and the International Monetary Fund (IMF) bailout of the conditions in Greece, in 2012, the country must return to the international credit market for financing, but the target is facing a "high degree of uncertainty sex. "