As if Greece didn't have enough on its plate, now banks looking to securitize Greek assets face a 'AA' threshold on many of the country's deals. This is a result of its sovereign and domestic downgrade to triple-B that happened a month ago.

Fitch Ratings today said that that the elevated sovereign risk considerations in Greece mean that new ratings on Greek RMBS transactions are capped at the 'AA' rating category. This happened after Fitch downgraded Greece’s sovereign rating to ‘BBB’in December 2009.

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