S&P downgrades Spain, calls for EU action

26-Apr (Reuters) – Standard & Poor’s on Thursday cut its credit rating on Spain by two notches, citing expectations the government finances will deteriorate even more than previously thought as a result of a contracting economy and an ailing banking sector.

The ratings agency, which downgraded Spain to BBB-plus from A, also put a negative outlook on the credit and said Spain’s situation could deteriorate further unless ambitious measures were taken at European level.

[source]

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