CORRECT: Fitch cuts Spain credit rating to BBB
Jun 9, 2012 16:07:49 GMT -5
Post by popcorn on Jun 9, 2012 16:07:49 GMT -5
CORRECT: Fitch cuts Spain credit rating to BBB 
prior version of this story incorrectly cited the number of notches Spain's debt rating from Fitch is above junk status.
CHICAGO (MarketWatch) -- Fitch Ratings on Thursday downgraded its long-term foreign and local currency issuer default ratings on Spain to BBB from A, with a negative outlook. The BBB credit rating is just two notches higher than junk status. The firm said Spain's "high level of foreign indebtedness has rendered it especially vulnerable to contagion from the ongoing crisis in Greece." Fitch added that the nation's reduced financing flexibility hampers its ability to "intervene decisively in the restructuring of the banking sector and has increased the likelihood of external financial support."
www.marketwatch.com/story/fitch-cuts-spain-credit-rating-to-bbb-2012-06-07?link=MW_latest_news
prior version of this story incorrectly cited the number of notches Spain's debt rating from Fitch is above junk status.
CHICAGO (MarketWatch) -- Fitch Ratings on Thursday downgraded its long-term foreign and local currency issuer default ratings on Spain to BBB from A, with a negative outlook. The BBB credit rating is just two notches higher than junk status. The firm said Spain's "high level of foreign indebtedness has rendered it especially vulnerable to contagion from the ongoing crisis in Greece." Fitch added that the nation's reduced financing flexibility hampers its ability to "intervene decisively in the restructuring of the banking sector and has increased the likelihood of external financial support."
www.marketwatch.com/story/fitch-cuts-spain-credit-rating-to-bbb-2012-06-07?link=MW_latest_news