The deadline for a deal on crucial labor market reforms in Spain between the government, unions and business representatives has been extended for a week from the end of the month, the Labor Ministry said on Saturday.

Although Estonia witnessed the European Union's third-deepest recession, last year, its credit rating outlook has been raised by Fitch. Fitch lifted the outlook on the BBB+ rating, three notches above non-investment grade, to stabilize and raise it above negative.

The latest Sovereign Review and Outlook report has been released by Fitch, according to which, it is estimating that the impact of the extraordinarily high levels of "sovereign intervention and support for the financial sector", in addition to the financial stimulus package offered and the severity of the global financial crisis, have all come together has hurt the high AA- and above

Standard & Poor's downgraded Pfizer Inc.’s rating from AAA to AA, following the Pfizer-Wyeth deal.

Recently, Pfizer has bought Wyeth in a deal worth about $67 billion, which will require the drug-maker to take-on new debt of $22.5 billion.

Speaking on the move, S&P stated, “Significant additional borrowings needed to fund the acquisition.”