Fitch Ratings on Wednesday downgraded Greece deeper into junk territory, citing the absence of a new and fully funded financing program for the country.
Heightened uncertainty surrounding the role of private creditors in any future funding programs from the European Union and the International Monetary Fund also weighed on the decision, as well as Greece's weakening macroeconomic outlook, Fitch said in a statement.
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The ratings agency cut Greece's rating by four notches to CCC, a rating that implies a substantial risk of default. The new rating was removed from credit watch negative.