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Fitch Downgrades 5 Countries... Italy, Spain, Belgium, Slovenia, Cyprus

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posted on Jan, 27 2012 @ 12:23 PM
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This story is only just breaking on MSM as the ratings downgrades have only just been announced by the agency. Now here's yet another blow to the Eurozone sovereign debt crisis, though investors are shrugging off ratings downgrades it seems.

Fitch Gives Europe Not So High Five, Downgrades 5 Countries


* ITALY LT IDR CUT TO A- FROM A+ BY FITCH
* SPAIN ST IDR DOWNGRADED TO F1 FROM F1+ BY FITCH
* IRELAND L-T IDR AFFIRMED BY FITCH; OUTLOOK NEGATIVE
* BELGIUM LT IDR CUT TO AA FROM AA+ BY FITCH
* SLOVENIA LT IDR CUT TO A FROM AA- BY FITCH
* CYPRUS LT IDR CUT TO BBB- FROM BBB BY FITCH, OUTLOOK NEGATIVE

And some sheer brilliance from Fitch:

* In Fitch's opinion, the eurozone crisis will only be resolved as and when there is broad economic recovery.



Bloomberg


Spain, Italy, Belgium, Cyprus and Slovenia had their debt ratings cut by Fitch Ratings, which said these nations do not accure “the full benefits of the euro’s reserve currency status.”

Ireland had its ratings affirmed by Fitch. The outlook on all six nations is negative.




posted on Jan, 27 2012 @ 05:25 PM
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I am glad you posted this. I had heard the downgrades happened but was unsure of which countries were the ones. I am surprised at Italy. I know Italy is tanking but I didn't think they would be downgraded. Not a good day regarding the global economy. 5 counties downgraded and the US Senate approved the raising of the debt ceiling.



 
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