June 06, 2011 at 18:08 PM EDT
Fitch Outlines Rating Approach to a Sovereign Debt Exchange
Fitch Ratings has outlined how it would determine what type of debt exchange similar to those under consideration for Greece would constitute a default. (See also the FAQ issued by Standard & Poor’s last week.) . . . a debt exchange that offers new securities with terms that are worse than the original contractual terms [...]
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