NEW YORK (Reuters) – Fitch downgraded the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain on Friday, indicating there was a 1-in-2 chance of further cuts in the next two years. In a statement, the ratings agency said the affected countries were vulnerable in the near-term to monetary and financial shocks. “Consequently, these sovereigns do not, in Fitch’s view, accrue the full benefits of the euro’s reserve currency status,” it said. …

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NEW YORK (Reuters) - Fitch downgraded the sovereign credit ratings of Belgium, Cyprus, Italy, Slovenia and Spain on Friday, indicating there was a 1-in-2 chance of further cuts in the next two years. Spain and Italy, the euro region’s fourth- and third-largest economies, were downgraded by Fitch Ratings on concern they will struggle to improve their finances as Europe’s debt crisis cut its credit ratings on Italy and Spain Friday, citing the increasing pressure on them as the eurozone debt crisis makes efforts to stabilise their public finances even more difficult. Fitch cuts Italy, Spain, ratings cut Italy's rating to A-minus from A-plus; Spain to A from AA-minus; Belgium to AA from AA-plus; Slovenia to A from AA-minus and Cyprus to BBB-minus from BBB, leaving the small island nation just Tags: fitch, cuts, italy, spain, Here is some more market reaction following 's move to downgrade Italy and Spain. The Dow Jones is now down 39 points, or 0.4%, 11,084.6 while the euro has fallen against the dollar and the downgraded the sovereign credit ratings of Belgium, Cyprus, Slovenia and Spain on Friday, indicating there was a 1-in-2 chance of further in the next two years. Ratings on Friday issued twin to two of the euro zone's largest economies as it downgraded its foreign and local currency ratings on Italy and Spain.

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