The rating agency Fitch has downgraded five eurozone countries, including Italy and Spain, citing their vulnerability to sharp turns in market sentiment amid Europe's debt crisis. Fitch cut credit ratings on Italy, Spain, Belgium, Slovenia and Cyprus, and lowered its outlook on Ireland, saying the "near-term economic outlook highlight(s) the greater vulnerability to monetary as well as financing shocks faced by these sovereign governments." It hit at European politicians' "gradualist approach" to systemic reform in the eurozone as Greece teeters on a debt default and the financial turmoil stalls economic growth. Fitch cut two notches off the ratings on Italy, Spain and Slovenia, saying that Italy faced too-slow growth against its rising debt and Spain faced "a significantly worsened fiscal and economic outlook." Italy was downgraded to "A-", and Spain and Slovenia to "A". Fitch cut by one notch Belgium, to "A," and Cyprus, to "BBB-". Ireland's rating at "BBB" was maintained, but Fitch put the country on a "negative outlook," signaling it could suffer a downgrade.