Greece issuer default rating cut by Fitch.

  • Fitch says downgrade reflects lack of market access, uncertain prospects of timely disbursement from official institutions.
  • Short-term foreign currency rating downgraded to C from B
  • Country ceiling revised to B- from BB
  • Damage to investor, consumer and depositor confidence has almost certainly derailed Greece's incipient economic recovery
  • Downgrade reflects tight liquidity conditions in domestic banking sector that have put extreme pressure on Greek government funding
  • Greece's govt will survive current liquidity squeeze without running arrears of debt obligations but heightened risks have led to downgrade
  • Expect government to continue to run arrears to suppliers to offset weaker than expected cash revenues and to provide room for debt servicing

All around rosy eh?