Fitch cuts credit outlooks for four Eastern Europe countries

Fitch Ratings agency revised down debt outlooks for Czech Republic, Bulgaria, Latvia and Lithuania from positive to stable. Eastern Europe are closely linked to economic and financial developments in Eurozone therefore growth prospects have been reduced amid intensified financial stress across the euro region, said Fitch. Slower GDP growth makes it harder to cut budged deficits while uncertainty in EU can boost borrowing costs, Fitch added.