Agency downgrades Greece's credit rating amidst liquidity problems

Credit rating agency Fitch downgraded on Friday Greece's long-term credit rating to CCC from B, Greek media reported, as the debt-laden country was facing severe liquidity problems in recent weeks, refueling scenarios of default.

Fitch's downgrade came earlier than the next regular review which was scheduled for May to reflect the alarming state of the Greek economy, according to the agency's announcement.

Fitch's experts attributed the downgrade to the facts that Greece continues to be shut out of international financing markets, uncertainty of its prospects of the release of further international loans soon and the enormous pressure of state coffers.

Standard & Poor's downgraded Greece's long-term credit rating from "B" to "B negative" in February, while other international credit ratings agencies have issued similar warnings recently that they will downgrade Greek economy if Greece will not secure soon fresh aid by lenders.

Athens was expected to submit by Monday a list of reforms with the hope that Eurogroup will open the way next week for the disbursement of international funding to avert a financial meltdown in April. Enditem