Banking, finance, and taxes
Fitch Throws Downgrades For Italy & Spain (EWI, EWP)
Published:
Last Updated:
The ratings agencies are at it again. We have noted that the PIIGS will continue to see downgrades and that is what we are seeing today. Fitch downgraded both Italy and Spain. Shares of iShares MSCI Italy Index (NYSE: EWI) are still up 0.4% at $12.58 on the day but shares were up around $12.80 earlier today. Shares of iShares MSCI Spain Index (NYSE: EWP) are down only $0.02 at $33.65 but shares were above $34.00 earlier this morning.
Italy was cut to “A+” from “AA-” today noting that the crisis is a significant financial and economic shock for Italy. It also notes that Italy has been hesitant to respond and it has eroded confidence.
Spain was downgraded to “AA-” with a negative outlook due to risks of fiscal consolidation efforts. It noted that it could go down to the “A-” range if the FROB costs are more than expected.
One day will hopefully come that U.S. investors do not have to worry about headline risks coming out of Europe and the lands of the PIIGS. That day is just not yet here.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
