Fitch cuts Greece, warns against ‘re-profiling'

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http://www.marketwatch.com/story/fitch-cuts-greece-warns-against-re-profiling-2011-05-20

LONDON (MarketWatch) — Fitch Ratings lowered Greece’s credit rating further into junk status Friday, and warned it would consider any attempt to extend the maturities of Greek sovereign debt to be a default.

The agencv cut Greece’s long-term rating to B-plus from BB-plus and placed all ratings on Rating Watch Negative, citing the scale of the nation’s fiscal task as it attempts to achieve solvency and provide a foundation for economic growth.

The move comes on growing speculation — and a widening rift among European policy makers — over some type of restructuring of Greece’s sovereign debt.

The euro /quotes/comstock/21o!x:seurusd EURUSD -1.0834% extended a loss against the dollar to change hands at $1.4174 in recent action, a drop of 1% from Thursday.






me: i do believe that fitch has no sense of irony.