FITCH RAMPAGE: Rater Slashes Spain And Italy, Markets Tumbling

Godzilla City

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.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at

Tagged In

moneygame-us ratings