Fitch expects its ratings review of six euro zone states will result in downgrades of one to two notches in most of those countries, senior director Ed Parker said at a Fitch conference in Madrid on Thursday.
Fitch put Belgium, Spain, Slovenia, Italy, Ireland and Cyprus on negative watch late last year on Dec 16.
Fitch told the euro zone at the time that it thought a comprehensive solution to the bloc's debt crisis is was beyond reach.
Rating agency peer Standard & Poor's cut ratings on a swathe of euro zone states earlier this month.
As for Spain, Parker said the review would take into account the new government's recent actions to cut costs and implement reforms, but said "there are continuing problems with the public finances and bank assets and the labor market is dysfunctional."
Parker said the review would be concluded by the end of January.