Spain, Italy Among 5 Euro Nations Cut by Fitch |
| Bloomberg - Jan 27, 2012 |
Fitch Ratings cut the credit ratings of Italy, Spain and three other euro-area countries, saying they lack financing flexibility in the face of the regional debt crisis.
Italy, the euro area’s third-largest economy, was cut two levels to A- from A+. The rating on Spain was also lowered two notches, to A from AA-. Ratings on Belgium, Slovenian and Cyprus were also lowered, while Ireland’s rating was maintained.
The downgrades, flagged a month ago by Fitch, come as Greece negotiates with creditors on how to avoid a default and other euro nations struggle to bolster the region’s defenses against contagion should those talks fail. While sovereign-bond yields have fallen in Italy, Spain and elsewhere in recent weeks as the European Central Bank added liquidity, the 17-nation region still lacks the protection it needs for such a situation.
Read Full Article from Bloomberg
- Posted: 2012-01-27 12:29:28
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