Fitch Downgrades Spain, Italy

    A broker looks on in front of the main screen at the Stock Exchange in Madrid Monday Aug. 8, 2011. The borrowing costs of both Spain and Italy dropped sharply in early trading Monday after the European Central Bank signaled it would intervene in the markets to keep the two countries' bond prices supported.  (AP Photo/Paul White)

    Paul White / AP Photo

    The ratings agencies are on a rampage today. First Moody's downgraded 12 British banks, then Fitch downgraded Italy and Spain. Fitch kept the outlook for both countries negative, a warning that there may be more downgrades to come. The agency also said it was keeping close watch on Portugal's rating. Fitch cited public debt, low growth, and pressure from the euro-zone financial crisis in its announcement of the downgrades. The move raises doubts about Europe's ability to contain the debt crisis. Italy and Spain are both considered too big to bail out.

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