Credit Rating, Europe Debt | featured news

Fitch on Friday cut Spain's credit ratings by two notches, just a few minutes after downgrading Italy, saying the intensification of the euro zone debt crisis has had a negative impact in the entire region.

Moody's Investors Service on Tuesday cut Italy's bond ratings by three notches, saying it sees a "material increase" in funding conditions for euro zone countries with high levels of debt.

Italy's sovereign debt rating cut by Standard & Poor's, the latest move in a deepening and continuing European debt crisis.

Standard & Poor's cuts Greece's credit rating, saying eurozone plans to restructure the country's debts would constitute a default.

Standard & Poor's cut its ratings on Greece three notches on its expectations of the likelihood of one or more defaults over the next 12 months.

Moody's slashed Greece's credit rating by three notches on Monday, raising the specter that the distressed euro zone sovereign may be forced to restructure its debt, perhaps even before 2013.

Portugal was put on notice on Tuesday that its credit rating could be cut and fellow euro zone debtor Spain had to pay more to issue new debt, suggesting the currency bloc's crisis will rage unabated in 2011.

Moody's put Spain's Aaa credit rating on review for a possible downgrade because of flagging economic prospects, challenging fiscal targets and rising funding costs.