HONG KONG -- Fitch Ratings has downgraded Laos' rating to "CCC" from "B-," meaning that the Southeast Asian nation faces "substantial credit risk" and that default is a "real possibility," according to the agency's definition.
It is rare for a sovereign nation to be rated in the "C" class. In a report issued Wednesday, Fitch admitted that it "typically does not assign outlooks or apply modifiers to sovereigns with a rating of 'CCC' or below."
