Greek Credit Rating Downgraded

International ratings agency Fitch recently cut Greece´s credit rating from "C" to "CCC", saying the country is likely to "default in the near term".

The move comes after the European Union agreed on a second bailout package for the troubled country.

"Shortly after completion of the exchange with the issue of new securities, Greece´s sovereign rating will be moved out of the ´RD´ category," the agency says.