Dec. 16 (Bloomberg) -- Fitch Ratings said it may cut the ratings of nations from Italy to Spain and Belgium as Europe’s debt crisis defies the “comprehensive solution” pledged by the region’s leaders.

All investment-grade countries in the euro region rated below AAA are subject to a “Rating Watch Negative” review, which Fitch expects to complete by the end of January, according to a statement released today in London.

“The concerns held by Fitch prior to the summit remain pressing and have not been materially eased” after this month’s meeting of leaders, Fitch’s statement said. “Of particular concern is the absence of a credible financial backstop. In Fitch’s opinion this requires more active and explicit commitment from the ECB.”

Link to Statement:{NSN LWB5AR3PWT1C <GO>}

To contact the reporter on this story: Craig Stirling in London at cstirling1@bloomberg.net

To contact the editor responsible for this story: Fergal O’Brien at fobrien@bloomberg.net