ATHENS (Reuters) - Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.

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Fitch downgraded Greece’s debt from “C” to “CCC” saying the Greek bond swap would be a restricted default. According to Seeking Alpha, economist Jeremy Cook tweeted, “It’s difficult to fathom what the market cares less about now, Greece or ratings agencies.” European markets and the euro didn’t have much of a

Standard & Poor’s Ratings Service announced today that it downgraded Greek “CC” long-term and “C short-term” sovereign credit ratings to “selective default”.

THE TAKEAWAY: Greek Rating Cut to “Selective Default” by S&P> Greek Government’s Retroactive Insertion of CACs was Considered a “Distressed Debt Restructuring” > Market Reaction in the