May 27, 2012
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Moody’s puts Spain top rating on review for cut
2 July 2010 / REUTERS, MADRID/NEW YORK
Moody’s Investors Service said on Wednesday it is reviewing Spain’s ratings and may lower them by as much as two levels due to sliding growth expectations and mounting fiscal challenges.
The ratings agency, the only major agency that still maintains a top rating for Spain, said it was conducting a three-month review of the country’s Aaa local and foreign currency government bond ratings. The rating agency also cited concerns over the impact of rising funding costs over the medium term. “If at the conclusion of the review, Spain’s ratings are lowered, it would most likely be by one, or at most two, notches,” Moody’s said.
Spain has been the target of intense speculation in sovereign debt markets as the next country in the euro zone to need European Union help after Greece, though the government has firmly denied it had any problem meeting financing obligations.
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