Fitch Lowers Italy, Spain Ratings: Says Outlook Negative


Fitch Ratings agency downgraded Friday its sovereign credit ratings for Italy and Spain, citing high debt and low growth prospects.

Fitch Ratings downgraded Spain’s foreign and local currency long-term issuer default ratings to AA- from AA+, and Italy’s same ratings to A+ from AA-.

The ratings agency said the Rating Outlook for both countries is Negative, and the downgrade reflects the intensified Eurozone crisis.

Relatedly, also Friday Fitch maintained Portugal’s rating at BBB-.

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