Italy, Spain Ratings Cut by Fitch; Belgium on Review by Moody’s
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Fitch Ratings downgraded Italy and Spain on concern they will struggle to improve their finances as Europe’s debt crisis intensifies, while Moody’s Investors Service put Belgium on review for a possible cut.
Spain had its foreign and local currency long-term issuer default ratings cut to AA- from AA+, while Italy had the same set of ratings lowered to A+ from AA-, Fitch said in statements yesterday. The outlook for both countries is negative. Fitch also maintained Portugal’s rating at BBB-, saying it would complete a review of that ranking in the fourth quarter.