Fitch downgrades Greece on lack of funding program

Heightened uncertainty surrounding the role of private creditors in any future funding programs from the European Union and the International Monetary Fund also weighed on the decision, as well as Greece's weakening macroeconomic outlook, Fitch said in a statement.

The ratings agency cut Greece's rating by four notches to CCC, a rating that implies a substantial risk of default. The new rating was removed from credit watch negative.