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Fitch Ratings Claims Greece Must Access Markets by end of 2011

Fitch Ratings said on Friday that there is a continuing risk that euro-region nations will have their credit ratings downgraded, according to Bloomberg.
David Riley, head of sovereign ratings at Fitch said that while the risk of a break-up of the euro area remains “small,” there will be periodic episodes of market turmoil in the region until fiscal consolidation is secured and the economic recovery is broad-based.
Regarding Greece, an absence of economic recovery in the second half of 2011 and new official lending if markets stay closed, may trigger a rating downgrade, he said.
Riley noted that ratings triggers for Portugal include a failure to meet fiscal targets, an absence of sustained economic rebalancing and a loss of access to the market, says the news agency.
Spain’s rating may be lowered if the cost of recapitalizing the banks is larger than expected, there is slippage against fiscal targets or the economic recovery is weaker than projected, he concluded.

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