Fitch cuts Italy and Spain by 2 notches

Updated: 2011-10-08 09:55


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NEW YORK - Rating agency Fitch cut the sovereign credit ratings of Italy and Spain on Friday, with negative outlook.

Fitch cut Italy to "A+" from "AA-," citing high public debts, low growth and politically technical and complex solution necessary to fix the country's financial situation.

The agency also downgraded Spain's long-term credit rating to " AA-" from "AA+." According to Fitch's statement, the downgrade reflected the intensified eurozone crisis, the significant financial and economic shock of which has weakened Spain's sovereign risk profiles.

The ratings outlook of both countries was Negative.

Another rating agency Moody's cut Italy's credit ratings by three notches on Tuesday.

On September 19, Standard & Poor's cut Italy's long- and short-term sovereign credit ratings by one notch.