BUSINESS

Fitch downgrades Greece on debt swap plan

Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.

It said Greece would be designated as having technically defaulted after the bond exchange is formalised, but the new bonds would be give and new rating.

All three big ratings agencies -- Fitch, Moody's and Standard

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