Moody’s downgrades spain’s debt rating

The rating agency Moody’s has downgraded the sovereign debt rating of Spain and five other European countries, while at the same time placing France, Austria and the UK (who are presently enjoying the maximum ‘Aaa’ note), on negative outlook.

The downward revision of the ratings and the outlook for a total of nine European countries, “reflects their susceptibility to the growing financial and macroeconomic risks stemming from the crisis in the eurozone,” the agency explained in a statement.

Thus, the rating agency lowered the note of Spain two notches from ‘A1′ (remarkably high) to ‘A3′ (remarkably low), Italy from ‘A2′ (remarkable) to ‘A3′ and Portugal from ‘Ba2′ to ‘Ba3′ (both in junk bond category), while at the same time placing all these notes on negative outlook.

Source: Kyero.com