The pace of rating upgrades in the euro zone will be slower in future as fiscal progress remains sluggish, Fitch's global head of sovereign ratings James McCormack said today. 

Fitch, Moody's and Standard & Poor's have in recent months upgraded the ratings of peripheral euro zone countries such as Ireland and Spain.

The euro zone is emerging from recession and concerns about the sovereign debt crisis have receded. 

"To move the ratings higher from here it's not going to depend on where the bond market trades and where the yields are," McCormack told Reuters. 

"It's going to be on the credit fundamentals. And there we're not seeing a whole lot of progress on the fiscal side so that's going to be a much slower progress," the ratings agency chief said.