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01.07.2015 08:35

Fitch Ratings downgrades Greece's sovereign debt rating by one notch to 'CC'

The rating agency Fitch Ratings has downgraded Greece's sovereign debt rating by one notch to 'CC' from 'CCC'.

"The breakdown of the negotiations between the Greek government and its creditors has significantly increased the risk that Greece will not be able to honour its debt obligations in the coming months, including bonds held by the private sector. We now view a default on government debt held by private creditors as probable," the agency said.

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