Fitch is on a rampage with both Spain and Italy getting cut in the last few minutes.
Specifically, Spain had its long-term rating cut by two notches, to AA-, with an outlook negative.
Details about Italy’s downgrade are here.
Markets are taking the chance to sell on the news.
The early rally has now totally vanished.
The NASDAQ is off 1%.
Morgan Stanley, the American bank deemed to have the most exposure to Europe, is off over 5.2% right now.