Fitch cuts five EU states’ credit ratings

Ratings agency Fitch has downgraded the credit ratings for five European nations, namely Belgium, Cyprus, Italy, Slovenia and Spain.

The agency stated the revision was made due to "the absence of a credible financial firewall against contagion and self-fulfilling liquidity crises" and "the marked deterioration in the economic outlook" in Europe.Italy’s credit rating is down to A- while Spain saw a drop to A.Previously a total of nine EU countries had their S&P ratings downgraded. On January 14, S&P cut the sterling AAA credit rating of Europe's second-largest economy, France. Austria, Malta, Slovakia and Slovenia also saw their ratings cut one notch, while Cyprus, Italy, Spain and Portugal dropped two positions.