Spain, Italy Ratings Cut at DBRS as Debt Crisis Intensifies

Spain’s and Italy’s credit ratings were downgraded by DBRS Inc., which cited a weakening growth outlook in the countries and deteriorating funding conditions.

Spain was cut two steps to A (low) from A (high) and Italy was downgraded one level to A, the Toronto-based company said today in a statement. Ireland’s grade was confirmed at A (low), four steps from junk.