Fitch Ratings downgraded the debt from B- to CCC, which indicates substantial risk.
Ratings agency Fitch downgraded Greece's long-term credit rating from B- to CCC on Thursday, citing the increased risk that Greece could be forced to leave the eurozone.
Ratings agency Fitch cut Greece's long-term credit rating from B- to CCC Thursday, only one notch above default level, reflecting worries over its ability to remain in the euro currency zone.
Just 18.7% of the issues within the high yield index are rated CCC, the most default-prone category.
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Understandably, then, the issuer base for 2012-model second-lien loans is dominated by (1) loans with CCC facility ratings (mainly from issuers with a single-B corporate-rating profile) and (2) unrated middle-market paper.
Thus, defaulted and CCC loans outperformed, widening their year-to-date lead over better-rated credits.
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In the CCC rating category, for instance, second-liens have cleared at 11.03% since Sept. 1, versus 8.92% for high-yield bonds.
"It's one thing to be on a mailing list, " said Muller-Maguhn, who serves as a spokesperson for the Berlin-based Chaos Computer Club (CCC) that created the event.
Mr Atherton reckons that the long-term, high-price contracts recommended by the CCC might persuade firms to pony up, since these commitments would be hard to wriggle out of.
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America's post-war boom owed much to the work of WPA, CCC and other New Deal programs.
In the year to date, however, CCC and D loans continue to knock the cover off the ball, far outperforming better-rated issues.
Nor do farmers, many of them rock-ribbed Republicans, readily acknowledge that the windbreaks and other conservation projects started by the CCC helped preserve the land from devastating erosion.
Information must also be accurate as the credit-rating debacle shows: an AAA rating is harmful rather than helpful if it describes a CCC asset.
Coincidentally, the previous-gen PlayStation 3 (CECH-3012A and CECH-3012B, as sold in Hong Kong) was quietly granted a China Compulsory Certificate or "CCC" around the same time, only to be withdrawn by Sony soon after the discovery in November, as the database screenshot below shows.
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