Economy, Credit Rating | featured news

A failure by Congress to raise the debt limit "in a timely manner" could lead to a downgrade of the nation's AAA credit rating, Fitch Ratings said Tuesday.

Spain's latest credit rating downgrade has thrown into sharp relief the need to revive a banking sector that could need another 100 billion euros to cover bad debts in order to avoid exposing another weak flank in the euro zone crisis.

Italy's sovereign debt rating cut by Standard & Poor's, the latest move in a deepening and continuing European debt crisis.

The government panel, the Financial Crisis Inquiry Commission blames: Banks that made reckless bets, credit rating agencies that endorse risky mortgage-backed securities and government regulators who overlooked warning signs until they threatened the global financial system.

Fitch cut Spain’s credit rating, saying that the country’s debt will probably weigh on the country’s growth.