Fitch Ratings on Tuesday expressed doubts over the ability of the Greek side to fully implement the necessary programme to restore the country’s fiscal credibility.

In an announcement, the credit rating agency stressed that the range of challenges likely to be faced by Athens was wide, adding that these concerns explained Fitch’s decision to cut the country’s rating to B+.

Fitch noted that this credit rating was taken in view the possibility of additional support from the EU and the IMF. The credit rating agency warned that any extension of maturities of existing sovereign bonds would be treated as a default event by markets.

Fitch said it planned to conclude a fresh review of the rating when the EU and the IMF report on their ongoing review of Greece.