0 votes

Spain Downgraded to One Level Above Junk by S&P on Risks

Spain Downgraded to One Level Above Junk by S&P on Risks

By Angeline Benoit and Ian Katz
Oct 10, 2012 3:49 PM PT

Spain’s debt rating was cut to one level above junk by Standard & Poor’s, which cited mounting economic and political risks as the government considers a second bailout.

The country was lowered two levels to BBB- from BBB+, New York-based S&P said in a statement yesterday. S&P assigned a negative outlook to the nation’s long-term rating and lowered the short-term sovereign level to A-3 from A-2.

“The negative outlook on the long-term rating reflects our view of the significant risks to Spain’s economic growth and budgetary performance, and the lack of a clear direction in euro-zone policy,” S&P said. “The deepening economic recession is limiting the Spanish government’s policy options.”

Read more: http://www.bloomberg.com/news/2012-10-10/spain-downgraded-to...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

The US will be next at some

The US will be next at some point.

To climb the mountain, you must believe you can.

Real Madrid and Barcelona

These players make about 20 million a year...surely they alone can offset much suffering in Spain with their fortunes and sacred honor along with their loaded Royal family :/

They can lead by example and make the neccesary actions for their God and country...or they can just flee.

donvino

Why can't these credit companies

just use a rating of A, B, C, D, and F? Oh that wouldn't be confusing enough...

“When a well-packaged web of lies has been sold gradually to the masses over generations, the truth will seem utterly preposterous and its speaker a raving lunatic.” – Dresden James

I Like The Letter "F"

lol..