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International agency Fitch lowered the credit rating of Greece and placed its government bonds in the category of BB +. Investments in this category are considered to be speculative, but with the lowest risk of non-repayment of the loan as compared with other categories of speculative investments. It is expected that by the end of January the other two major international rating agencies Moody's and Standard & Poor's to also do the same.
    As early as the autumn Fitch placed under monitoring the Greek economy and many economists expected the decrease in credit rating to be by two points. Ultimately, the agency decided to drop it only by one point from BBB-, which is the lowest rating, in which investments are recommended to BB +, but with a negative outlook. In the official communication of the agency was given due to the country's efforts to implement the memorandum with the International Monetary Fund, European Central Bank and European Commission. At the same time, however, it stresses on the huge debt of Greece, which makes it vulnerable to shock worsening of the economy.
    Experts from Fitch stressed on the government's inability to fulfill the budget’s statement of revenue, ie to collect taxes and to tackle tax evasion. One of the reasons for the decrease in the rating is also the correcting of the statistical information by Eurostat, in which the budget deficit for 2009 was formed to 15.4%, instead of the underlying 13,6% of thr GDP. Thus the budget deficit for 2010 is expected to be 9.4 percent instead of the embodied in the Memorandum 8.1%. According to the agency the debt of Greece will reach 160 per cent of GDP and interest rates on its credits will in 2014 reach 20 per cent.
    "The decision for the lowering of the credit rating of Greece does not correspond to the objective situation of the Greek economy", responded the Greek Finance Ministry without trying to hide its disappointment with the decision of Fitch. The office, headed by George Papaconstantinou declared to be in favor of the reform of the European system for credit ratings and for the creation of a European public agency to replace the currently established on the markets agencies.