Friday, January 27, 2012

Italy, Spain, and Belgium Downgraded Two Notches

The Euro mess continues. Today, Fitch Ratings cut the credit ratings of Italy, Spain, belgium and two others, stating that "they lack financing flexibility in the face of the regional debt crisis".

Italy was cut two levels to A- from A+. Spain was cut to A from AA-. Belgium’s was cut to AA from AA+, Cyprus to BBB- from BBB, and Slovenia was downgraded to A from AA-.

Fitch said that the countries downgraded today still lack financial flexibility.

“The divergence in monetary and credit conditions across the euro zone and near-term economic outlook highlight the greater vulnerability” “These sovereigns do not, in Fitch’s view, accrue the full benefits of the euro’s reserve- currency status.”

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