Fitch downgrades Spanish solvency two steps

Fitch downgrades Spanish solvency two steps
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By h.b. - Jan 27, 2012 - 9:32 PM
Six other European countries have also been downgraded

Bank of Spain - EFE

Ratings agency Fitch has downgraded the solvency ranking for Spanish and Italian debt by two steps. Five other countries have also been downgraded, with the agency saying the reduction is down to the vulnerability of the country after the divergence from its deficit and debt objectives.

The new Fitch rating for Spanish public debt has fallen from AA- to A, while Belgium, Italy, Slovenia and Cyprus have also suffered a reduction while Ireland remains at BBB+ but with a negative outlook.

The agency also comments that the Spanish reduction comes because of the lack of a real firewall from the European Debt crisis.

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