There are likely to be a record number of sovereign ratings downgradesin 2016, according to Fitch Ratings.

Following its downgradeof the U.K. after the Brexit vote, the agency said Europe's political backdrop "couldhave negative implications for sovereign ratings, as fiscal consolidation may dropfurther down the list of policy priorities."

Fitch said sovereign credit ratings cuts in 2016 are likely toexceed the record 20 downgrades in 2011. There were 15 downgrades in the first halfof 2016 and 22 ratings are on negative outlook. The Middle East and Africa regionmake up more than half of the negative ratings actions and 10 of the negative outlooks.