Fitch rating agency said today that it will declare a restricted default on Greek debt because of the steps which were announced in the new bailout package from the euro leaders on Thursday; yet the agency said it will assign new rating of a low speculative grade once the bond exchange is completed.

The statement from the agency said Fitch will assign new post-default ratings to Greece and to the new debt instruments once the default event is cured with the issue of new securities to participating bondholders, the new ratings will likely be low speculative-grade.

The agency added that the reduction in interest rates and extending maturities gave Greece a chance to regain solvency and would support its rating.