Fitch downgrades Greece

Fitch ratings agency says it has downgraded Greece further into junk status,from 8216;CCC8217; to 8216;C8217; following the announcement of the details of the country8217;s debt swap deal with private creditors.

The agency said today the downgrade indicated 8220;that default is highly likely in the near term.8221; In June,the agency had said it would consider Greece to be in restricted default if the bond swap deal went ahead.

The bond swap deal with private creditors will see a USD 141 billion of Greece8217;s debt held by banks and other private holders of government bonds written off.