Italy and Spain debt downgraded by Fitch

Italian and Spanish government debt have both been downgraded by the Fitch credit rating agency.

Fitch cut Italy's rating by one notch, from AA- to A+, following fellow agency Moody's downgrade earlier this week.

Fitch cited the "intensification" of the eurozone debt crisis that "constitutes a significant financial and economic shock which has weakened Italy's sovereign risk profile".

The agency also cut Spain's rating by two notches, to AA-.

Fitch raised concerns about the strength of Italian banks, particularly in light of the current debt crisis.  More Read

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