S&P downgrades Spain by one notch

October 14, 2011 11:37

After the US and Italy, Standard & Poor's has cut Spain's long-term credit rating by one notch, from AA to AA-, because of weak growth and high levels of private-sector debt. The bbc.co.uk report says that the ratings agency added that the country's high unemployment would remain a drag on the economy. Last week the Fitch agency cut Spain's rating, a process that can raise a country's borrowing costs.

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