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Fitch Ratings said on Friday that Greece's decision to bundle its IMF loans repayments do not have on Greece's 'CCC' sovereign rating. But this decision was showing an extreme pressure on government funding, Fitch Rating noted.
"Fitch's ratings reflect the risk of default to private rather than official sector creditors, so delaying repayment to the IMF is not in and of itself a ratings default. Nevertheless, bundling this month's repayments illustrates the pressure that a lack of market or official funding and tight liquidity conditions for Greek banks are putting on Greece's sovereign liquidity. Our 'CCC' sovereign rating, affirmed last month, indicates that default on privately held bonds is a real possibility. The risk that Greece misses its larger IMF payment at end-June cannot be discounted. The prospect of fiscal disbursements from Greece's official creditors is highly uncertain", Fitch Ratings said.
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