The ratings agency Standard and Poor’s has reduced Spain’s credit rating by two notches to ‘near junk’, with some saying the underlying reason is the hesitation by Prime Minister Rajoy in requesting a bailout. However, Spain seems to be on a hiding to nothing as the ratings agency Moody’s has said it will reduce Spain to junk status if it …
Eleven banks downgraded and five under review
The credit ratings agency Standard and Poor’s has downgraded the credit rating of 11 Spanish banks and put another 5 ‘under review’ with a ‘negative outlook’.
Spain’s credit rating downgraded
As the Greek financial crisis continues to occupy the headlines, economists are fearing a domino effect throughout Europe, especially after today’s decision by the credit rating agency Standard and Poor to downgrade Spain’s credit rating from AAA to AA.