Fitch warns of potential for more rating cuts

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10-10-2012 16:27

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David Riley, global head of sovereign ratings at Fitch Ratings, has warned of the possibility of additional rating cuts for Eurozone members.

Nevertheless, he did acknowledge that the European Central Bank's commitments have reduced risks for some of them.

Riley indicated that the recession in Spain and Italy appears to be intensifying and stated that the European sovereign debt crisis in tandem with the US fiscal cliff and a Chinese 'hard landing' pose the biggest risks for the global economy.

He also warned that emerging markets are not immune to the global slowdown.

JM

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