Fitch downgrades five eurozone countries - but retains Ireland's rating

Italy, Spain, Belgium, Cyprus and Slovenia have all been downgraded by the American ratings agency.

CREDIT RATINGS AGENCY Fitch has downgraded five eurozone countries today – Italy, Spain, Belgium, Cyprus and Slovenia – but has not altered Ireland’s credit rating.

Italy’s rating was cut to A minus from A plus; Spain was downgraded to A from AA minus; Belgium was cut to AA from AA plus; Cyprus was cut to BBB minus from BBB and Slovenia was downgraded to A from AA minus.

Ireland, meanwhile, has retained its BBB plus rating, the Wall Street Journal reports.

Fitch kept the outlook for all six countries on negative outlook, according to Bloomberg.

Read: Bailout costs likely to rise after S&P downgrades EU fund>

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