ATHENS: The ratings agency Fitch has downgraded Greece’s sovereign rating amid growing uncertainty over the new government’s pledge to overhaul reforms needed to restart bailout loan payments and avoid default.

The agency late on Friday said it had lowered the country’s rating deeper into non-investment grade status from B to CCC, citing “extreme pressure on Greek government funding.”

Rescue lenders are expected this weekend to start reviewing reforms overhauled by Prime Minister Alexis Tsipras’ new left-wing government.

The government has promised to axe austerity measures that cut chronic deficits but kept Greece in a punishing recession for six years.

“Lack of market access, uncertain prospects of timely disbursement from official institutions, and tight liquidity conditions in the domestic banking sector have put extreme pressure on Greek government funding,” Fitch said.

Published in Dawn, March 29th, 2015

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