ISSN 2330-717X

Fitch Lowers Italy, Spain Ratings: Says Outlook Negative

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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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