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Moody's downgrades Spain's rating
[Iran Press TV]  Moody's Investors Service has downgraded the credit rating of Spain by three levels, days after the country secured 100 billion euros (125 billion dollars) to rescue its banks.The credit rating agency said on Wednesday that the bailout "will further increase the country's debt burden, which has risen dramatically since the onset of the financial crisis," AFP reported. Moody's cut three notches from A3 to Baa3, which is the lowest level of "investment grade" or just above "speculative" or "junk" grade. Posted by: Fred 2012-06-14 |
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