Spain Downgraded to One Level Above Junk by S&P

Spain Downgraded to One Level Above Junk by S&P - Businessweek
“The negative outlook on the long-term rating reflects our view of the significant risks to Spain’s economic growth and budgetary performance, and the lack of a clear direction in euro-zone policy,” S&P said.
“The deepening economic recession is limiting the Spanish government’s policy options.”