Wall Street Journal
October 28, 2011
Fitch Ratings became the first major credit ratings agency to pass judgment on the European Union's anticrisis plans Friday, saying that the proposed Greek debt exchange would constitute a default and that none of the plans remove the risk of further downgrades for other sovereigns.
Fitch said that after the default, the country's rating would probably be in the B category or lower.
All three major ratings agencies previously said such a plan would push Greece into a default-rating category.
The comments followed EU's agreement reached on Thursday to stem the region's debt crisis by dealing with Greece's debt, recapitalizing European banks and enhancing the capabilities of the euro-zone bailout fund.