MOODY’S TAKES SPANISH CREDIT RATING DOWN THREE NOTCHES
June 13th, 2012Via: Reuters:
Rating agency Moody’s Investors Service cut its rating on Spanish government debt by three notches on Wednesday to Baa3 from A3, saying the newly approved euro zone plan to help the country’s banks will increase the country’s debt burden.
Moody’s, which said it could lower Spain’s rating further, also cited the Spanish government’s “very limited” access to international debt markets and the weakness of the country’s economy.
The rating is on review for possible further downgrades, which could come within the next three months.
A spokeswoman at Spain’s Economy Ministry in Madrid declined to comment.
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