Fitch downgrades Greece to CCC on exits fears (San Francisco) - Fitch Ratings has downgraded Greece sovereign debt from B- to CCC. The agency has revised the country ceiling to B-. The downgrade "reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union," says the official note.

"The strong showing of 'anti-austerity' parties in the 6 May parliamentary elections and subsequent failure to form a government underscores the lack of public and political support for the EU-IMF EUR173bn programme," says Fitch. And taken that the possibilities of the 17 June fail to produce a government that could continue the programme "an exit of Greece from EMU would be probable," the agency concludes.

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