International ratings agency Fitch has downgraded Greece’s sovereign rating from B to CCC ahead of the agency’s next scheduled review, amid worries that the country is defaulting on its sovereign debt.
Fitch also downgraded Greece’s short-term foreign currency issuer default rating (IDR) from B to C, the agency said in a press release on Friday. The ratings agency revised the country’s ceiling as well, lowering it from BB to B-.
The downgrades came earlier than the scheduled review on Greece which was scheduled for May 15. The agency explained that “developments in Greece warrant such a deviation from the calendar.”