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Fitch downgrades Spain by 2 notches, warns of more cuts


    NEW YORK (Reuters) - 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.

    The ratings agency cut Spain's credit ratings to AA-minus from AA-plus. It kept a negative outlook on the new rating, in a sign more downgrades are possible in the next couple of years.

    Risks to the fiscal consolidation of Spain have risen as prospects for the country's economic growth declined, Fitch said in a statement.

    (Reporting by Walter Brandimarte; Editing by Chizu Nomiyama)