Greek Junk: Condemned To Slow Death!

• Fitch downgrades Greece on debt swap plan! 
  (Reuters) – Fitch cut Greece’s long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.
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  It said Greece would be designated as having technically defaulted after the bond exchange is formalized, but the new bonds would be give and new rating. All three big ratings agencies — Fitch, Moody’s and Standard & Poor’s — downgraded Greece in July when an initial debt swap plan was unveiled and have warned that losses for private creditors would trigger a temporary default.
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  As expected, Fitch said it was downgrading Greece to “C” from “CCC,” and would follow up with further downgrade to a “restricted default” when the bond swap is completed.

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