International ratings agency Fitch has announced cutting Greece's credit rating from B- to CCC, citing the ''heightened risk'' that Greece could leave the euro zone.
Recent Greek parliamentary elections and subsequent failure to form a government underscores the lack of public and political support for the austerity plans in Greece, Fitch said Thursday in a statement on its website, explaining the downgrade on the long-term foreign and local currency Issuer Default Ratings (IDRs).
Greece would likely have to exit from the euro zone if the country failed again to form a government after the new general elections June 17, reported Xinhua.
Fitch forecast a Greek exit would result in widespread default on private sector as well as sovereign euro-denominated obligations.
Published 18 May 2012, 07:13 IST