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The latest business, economic,property, stock market and financial news from Spain. Keep up to date with what is happening with the Spanish economy, stock market, the economic crisis, the euro zone debt sovereign debt crisis and the Spanish property market.

Rating cut puts Spain back on crisis radar
14 October 2011 @ 15:51

MADRID (Reuters) - Standard & Poor's cut Spain's credit rating on Friday, sending the euro briefly lower and underlining the challenges facing Europe's major powers as they meet G20 counterparts over the euro-zone debt crisis.

S&P, whose move mirrored that by fellow ratings agency Fitch last week, cited high unemployment, tightening credit and high private-sector debt among reasons for cutting the nation's long-term rating to AA- from AA.

Spanish 10-year government bond yields rose slightly in response, although they remained more than 60 basis points lower than those of Italy and, at 5.24 percent, some distance from the 7 percent level widely regarded as unsustainable.

Read the rest of the article at Reuters


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