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Dublin: 1°C Sunday 28 November 2021

Rock bottom? Greece gets the lowest credit rating in the world...again

Fitch has given Greece a CCC rating, following on from other credit rating agencies last month.

A dumpster in Greece filled with junk like the country's credit rating.
A dumpster in Greece filled with junk like the country's credit rating.
Image: Nikolas Giakoumidis/AP

GREECE’S CREDIT RATING has been downgraded to the lowest of any country in the world by the ratings agency Fitch.

The London based agency moved Greece from a B+ rating to a CCC level which it says reflects “the absence of a new, fully funded and credible” aid programme from the International Monetary Fund and the European Union, Bloomberg reports.

One credit analyst told Bloomberg: “We’re so far past the stage with Greece where ratings themselves make a difference because they’re all so low.”

According to Fitch, a CCC rating indicates there is a substantial credit risk and that defaulting on debt is a real possibility.

It is the third company to cut the country’s rating to one of the lowest tiers of its rankings following on from the downgrade to Caa1 by Moody’s and CCC by Standard & Poor’s in June.

The next rating after the latest one is D – which, you will not be surprised to hear, means default.

About the author:

Hugh O'Connell

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