Fitch: Italy likely to be downgraded by end of January

There is a "significant" chance that Italy will have its credit rating downgraded this month, an executive at the ratings agency Fitch has said.

David Riley, Fitch's head of global sovereign ratings, cited the lack of a plan to halt the eurozone crisis, coupled with Italy's high debts.

Fitch warned last month that Italy and five other eurozone countries were all at risk of downgrade.