LONDON, May 17 (Xinhua) -- International ratings agency Fitch announced Thursday to have cut Greece's credit rating from B- to CCC, citing the "hightened risk" that Greece could leave the euro zone.

Recent Greek parliamentary elections and subsequent failure to form a government underscores the lack of public and political support for the austerity plans in Greece, Fitch said in a statement on its website, explaining the downgrade on the long-term foreign and local currency Issuer Default Ratings (IDRs).

Greece would likely have to exit from the euro zone if the country failed again to form a government after the new general elections on June 17.

Fitch forecast a Greek exit would result in widespread default on private sector as well as sovereign euro-denominated obligations.