Italy, Spain downgraded by Fitch

@CNNMoney January 27, 2012: 2:46 PM ET
Italian Prime Minister Mario Monti. Italy was one of five eurozone countries to have its debt downgraded by Fitch on Friday.

Italian Prime Minister Mario Monti. Italy was one of five eurozone countries to have its debt downgraded by Fitch on Friday.

NEW YORK (CNNMoney) -- Fitch downgraded the sovereign debt ratings Friday of five European countries, with Italy and Spain taking the biggest hit.

Italy, the third largest economy in the eurozone, had its rating cut two levels to A- from A+. Spain was cut two levels to A from AA-.

Slovenia was also cut two levels to A, while Cyprus and Belgium were each cut one notch, Belgium to AA and Cyprus to BBB-, the lowest possible level before hitting junk bond status.

All the downgraded countries remained on negative outlook, meaning they at risk of being downgraded again in the future.

Fitch also confirmed the already-weak BBB+ rating for Ireland, and said the country also remains on negative outlook.

"The intensification of the eurozone crisis in the latter half of last year...highlighted the financing risks faced by eurozone sovereign governments in the absence of a credible financial firewall against contagion and self-fulfilling liquidity crises," said Fitch's statement. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed4.12%4.00%
15 yr fixed3.14%3.00%
5/1 ARM3.25%3.01%
30 yr refi4.17%4.06%
15 yr refi3.21%3.09%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
CNNMoney Sponsors

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.