Fitch downgrades Spain, Italy

Fitch Ratings smacked Spain and Italy -- two of the eurozone's largest economies -- with downgrades of their debt Friday. Fitch said its downgrade of Spanish debt reflected "the intensification of the euro area crisis" and "risks to the fiscal consolidation effort" created by the budgetary performance of some regions, TheStreet.com reported. Fitch said, however, that Spain's sovereign solvency remained secure and its rating reflected a diversified, high value-added economy and strong governance. Fitch also cited the ever-growing crises as a reason for its downgrade of Italian debt. The agency said Italy's high public debt and low chance of potential growth left its economy vulnerable to external forces. Both Italian and Spanish debt are rated AA-minus by Fitch Ratings.