Fitch downgraded Greece's credit rating by three levels to be the world's lowest rating following the move of other rating agencies to be the third one to cut Greece's rating due to the losses incurred by investors and the concerns spread regarding a new bailout package for Greece, as Fitch said that there is a real possibility for Greece to default.

The agency said in a statement yesterday that this move to CCC from B+ reflects the absence of a new, fully funded and credible program by the European Union and International Monetary Funds. Adding that heightened uncertainty surrounding the role of private creditors in any future funding, as well as Greece's weakening macroeconomic outlook.

Moody's downgraded Greece's credit rating to Caa1 on June 1, in addition, Standard & Poors's cut the Greek rating on June 13 to CCC.