Fitch downgrades Greece

Fitch Ratings said it downgraded Greece's long-term foreign and local currency issuer default ratings to RD (restricted default) from C following the confirmation from the Greek government and euro zone officials that the exchange of Greek government bonds will proceed.

The downgrade to RD reflects Fitch's previous commentary that the exchange would constitute a sovereign default event under the agency's distressed debt exchange rating criteria and follows the downgrade of Greece to C from CCC on Feb. 22.

Greece's short-term foreign currency IDR remains unchanged at C. The euro area country ceiling, which is applicable to all euro area member states, also remains unchanged at AAA.

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