Fitch cuts Greece's rating to "restricted default" over debt swap

Fri Mar 9, 2012 10:23am EST
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ATHENS (Reuters) - Fitch on Friday cut Greece's rating to "restricted default" over its debt swap deal, as expected, becoming the third of the three major rating agencies to slash Greece into default territory.

Fitch said in a statement it would upgrade Greece's rating once the debt exchange was completed and the new securities have been issued, adding that the new rating was likely to be low speculative grade.

(Reporting by Ingrid Melander)