Get ready to fasten your seatbelt. According to Reuters Standard & Poor's on Thursday cut
its credit rating on Spain to BBB-plus from A, a two-notch downgrade, citing
its expectation the government's budget deficit will deteriorate even more than
previously thought due to economic contraction.
The ratings agency put a negative outlook on the credit and
said it believes the government will also have to provide more financial
support for the euro zone nation's banking sector.
Moody's Investors Service rates Spain one notch higher at A3
with a negative outlook, and Fitch Ratings has it two notches higher at A, also
with a negative outlook….
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