Fitch warns may downgrade France, 6 other eurozone countries

Last Updated: Saturday, December 17, 2011 - 11:05

New York: Fitch Ratings on Friday warned it may downgrade France and six other eurozone countries as it believes that a comprehensive solution to the region's debt crisis is "technically and politically beyond reach."

France's possible downgrade is not imminent but could come in two years, Fitch said, as it revised the outlook to the country's AAA rating to negative.

For the other countries - Belgium, Cyprus, Ireland, Italy, Slovenia and Spain - a downgrade could come much faster. Those nations, which already had a negative rating outlook, were placed on credit watch negative, which traditionally signals the possibility of a downgrade within three months.

"The systemic nature of the eurozone crisis is having a profoundly adverse effect on economic and financial stability across the region," Fitch said in a statement.

Bureau Report

First Published: Saturday, December 17, 2011 - 11:05

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