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Fitch Ratings said Friday it has lowered the credit scores for five countries in Europe, all members of the eurozone.
The downgrades included lowering Spain's rating from AA- to A and cutting Belgium from AA+ to AA. Italy was dropped from A+ to A-, while Slovenia's rating fell from AA- to A.
Cyprus' rating also was cut a notch, a slide from BBB to BBB-.
The Wall Street Journal reported the euro slipped quickly after the rating changes were announced, but it fought its way back to $1.3204.
A spokesman from the Spanish Ministry of Finance said, "The government is aware of the imbalances in the economy and that's why it's launched an ambitious program of structural reform that will be completed in the first quarter."
Fitch left France's AAA rating and Ireland's BBB+ rating intact, the Journal said.
