Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'C' from 'CCC'. The Short-term foreign currency rating is affirmed at 'C'. The agency has also affirmed the euro area Country Ceiling at 'AAA', which is applicable to all euro area member states. The downgrade follows yesterday's Eurogroup statement on a second financing programme for Greece including 'private sector involvement' (PSI) and a subsequent announcement from the Greek authorities outlining the terms of the proposed exchange of Greek Government Bonds (GGBs). The rating action is in line with Fitch's ... (full story)