Fitch Downgrades Greece, Warns 'Even Soft Restructuring Of Greek Debt Means DEFAULT'

First Greece, then Ireland and Portugal will be restructured.  Default.  Default. Default.  Then its Spain's turn.  Viva La Revolucion Bailout!

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LONDON (MarketWatch) — Fitch Ratings lowered Greece’s credit rating further into junk status Friday, and warned it would consider any attempt to extend the maturities of Greek sovereign debt to be a default.

The ratings company cut Greece’s long-term rating to B-plus from BB-plus and placed all ratings on Rating Watch Negative, citing the scale of the nation’s fiscal task as it attempts to achieve solvency and provide a foundation for economic growth.  Fitch warned it would consider any move to extend the maturity of Greece’s existing bonds as a “default event,” and would rate Greece and its obligations accordingly.

“The market was surprised because some people have been trying to argue that re-profiling, or lengthening Greece’s maturities, wouldn’t be a default event. Now Fitch says it would be a default,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

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Fitch? Is this the same Fitch who along with Standard & Poor and Moody's rated bundeled NO DOCUMENT mortgages as A+++?????

Why are these people not in prison?????