'Lowest credit rating' for Greece

14 July 2011

The world's lowest credit rating has been handed to Greece after it was decided that a default by the country could be a serious possibility.

Fitch Ratings slashed the nation's standing by three levels - from B+ to CCC - and claimed the move has come around as a result of the International Monetary Fund and the European Union being unable to draw up a credible and fully funded programme to tackle the debt crisis.

The agency - which has 51 offices across the world and is dual-headquartered in London and New York - noted Greece's poor macroeconomic outlook and uncertainty surrounding the part to be played by private creditors have also taken their toll.

Speaking to Bloomberg, Vincent Truglia, managing director of economic research at Granite Springs Asset Management, said: "We're so far past the stage with Greece where ratings themselves make a difference because they’re all so low."

By Claire Archer

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