Global rating agency Fitch Ratings Friday downgraded the sovereign credit ratings of Italy and Spain, citing intensified debt crisis in the euro zone.

Italy had its foreign and local currency long-term issuer default ratings lowered from AA- to A+, with a negative outlook. In addition, Fitch downgraded Italy's short-term rating from F1+ to F1. The downgrades reflect "the intensification of the euro zone crisis that constitutes a significant financial and economic shock," the rating agency said in a press release.

Fitch cut Spain's credit rating from AA+ to AA-, which also reflects the deepened debt crisis in Europe and risks to Spain's "fiscal consolidation effort." Fitch's outlook for Spain is also negative.

This is Fitch's first downgrade of Italy since October 2006. Fitch's move follows Standard & Poor's downgrade of Italy on Sept. 19 and Moody's on Oct. 4.

Fitch had maintained an AAA rating of Spain until 2010, but has cut its rating twice since then.

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