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Greece’s downgrade by Fitch Ratings is the first in a series of ratings cuts that the nation can expect after it negotiated the biggest sovereign debt restructuring in history.

Fitch lowered Greece’s credit grade by two levels to C from CCC, saying a default is “highly likely in the near term,” and that it will cut the nation again to “Restricted Default” once a bond exchange is completed. Standard & Poor’s said in July it expected to downgrade Greece to “Selective Default” after the restructuring agreement, while Moody’s Investors Service has said it will cut the nation to its lowest rating.

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