(REUTERS) -- Fitch Ratings on Friday downgraded the sovereign credit ratings for Italy, Spain, Slovenia, Belgium and Cyprus indicating there is a 1-in-2 chance of further downgrades in the next two years.

In its statement, Fitch said these countries have near-term vulnerability to monetary and financial shocks. Consequently, these sovereigns do not, in Fitch's view, accrue the full benefits of the euro's reserve currency status, Fitch said.

(Reporting by Rodrigo Campos; Editing by James Dalgleish)