. Fitch just cut the long-term credit rating for Greece from B- to CCC.

The ratings agency says the downgrade comes on fear that Greece won't be able to stay in the eurozone:

The downgrade of Greece's sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union (EMU).

It says this action comes in the wake of the May 6 elections, which was dominated by strong support for anti-bailout parties.

Fitch had upgraded Greece just two months ago, after the country participated in a managed default.

The ratings agency said an exit from the euro was "probable" if politicians fail to form a government after the next round of elections on June 17. It hinted that this could also compromise the ratings of other troubled euro area sovereigns:

A Greek exit from EMU would break a fundamental tenet underpinning Fitch's sovereign and other ratings in the eurozone as well as exacerbating economic and financial risks facing other EAMS.

We'll probably get more big ratings news later today, as it appears probable that a rumor about an imminent downgrade of as many as 21 Spanish banks will be validated.