FITCH DOWNGRADES GREECE TO 'RESTRICTED DEFAULT'• http://www.businessinsider.com, Simone Foxman
This designation hardly comes as a surprise, since the ratings agency had previously said that the country's planned debt restructuring would throw it into restricted default.
Fitch's decision mirrors a recent downgrade from Standard & Poor's which put Greece in "selective default."
Unlike a disorderly default, in a "restricted" or "selective" default Greece has not actually been declared insolvent.
Fitch said it will raise Greece's issuer rating from "RD" after its debt swap has been completed on March 12.
Fitch Ratings-London-09 March 2012: Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) to 'RD' ('Restricted Default') from 'C' following today's confirmation from the Greek government and eurozone officials that the exchange of Greek government bonds will proceed.