(PARIS) — On Friday, the credit ratings agency Fitch put six European countries on a downgrade watch list, causing further threat to the Eurozone which has been facing a debt crisis.
Despite affirming France’s triple A rating, Fitch downgraded the country’s outlook from stable to negative which could mean a ratings downgrade in two years.
Belgium, Spain, Slovenia, Italy, Ireland and Cyprus were placed under Rating Watch Negative with the probability of a downgrade at the end of a review in Jan. 2012.
Fitch said the region’s crisis has been on a negative decline since July causing concern about the financial stability of member nations.
“In the absence of a ‘comprehensive solution’, the Eurozone crisis will persist and likely be punctuated by episodes of severe financial market volatility,” said the agency in a statement.
Copyright 2011 ABC News Radio
Tal Kopan and Jeremy Diamond, CNN
Stephen Collinson and MJ Lee, CNN
Faith Karimi, CNN
Eugene Scott, CNN