Greece downgraded; remains on negative watch

greece-parliament

Fitch, one of the big three ratings agencies, on Tuesday knocked a notch of Greece's sovereign ratings.

The move sees the long-term foreign currency and local currency ratings downgraded from BBB+ from A-, the Short-term foreign currency rating to F2 from F1. BBB+ is two notches above the lowest investment-grade rating, F2 is one above. The outlook remained negative. Standard & Poor's, another of the big three, has also placed the country on negative watch.

Stocks plunged on the news of the down

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