Spain sees credit rating downgraded

Spain has had its credit rating cut by Moody's this week, following similar decisions from other agencies Standard & Poor's and Fitch Rating.

Moody's downgraded the south European nation by two notches, from A2 to A1, noting that this decision was partly due to "the downside risks from a potential further escalation of the euro area crisis".

The Spanish government stated that it believes the ratings downgrade is based more on the short-term problems in Europe, rather than the "long-term fundamental outlook" for the country.

Source: PropertyShowrooms.com