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Spain Has Rating Cut to AA by S&P as Greek Contagion Spreads - Bloomberg.com
Spain had its credit rating cut one step by Standard & Poor's to AA, putting it on a par with Slovenia, as contagion from Greece's debt crisis spreads through the euro region.

S&P said in a statement today that the outlook on Spain is negative, reflecting the chance of a possible further downgrade if the "budgetary position underperforms to a greater extent than we currently anticipate." Spain was last cut by S&P in January 2009.

The risk premium investors demand to hold Spanish bonds surged to the highest in more than a year today and the price of insuring Spanish bonds against default reached a record as doubts about Greece's ability to pay its debt spilled over into Spanish and Portuguese markets.

"Ce qui vient au monde pour ne rien troubler ne mérite ni égards ni patience." René Char
by Melanchthon on Wed Apr 28th, 2010 at 12:00:44 PM EST
I know it's useless to raise this point, but it's really messed up how non-independent ratings are.

In effect what has happened here is that the Spanish rating has been cut because of uncertainties raised by the cut in the Greek rating...

by Metatone (metatone [a|t] gmail (dot) com) on Wed Apr 28th, 2010 at 12:19:13 PM EST
[ Parent ]
sure seem confident that they will outlive European governments...

Wind power
by Jerome a Paris (etg@eurotrib.com) on Wed Apr 28th, 2010 at 12:53:20 PM EST
[ Parent ]
Hitler thought he'd have a thousand year Reich.......

And I'll give my consent to any government that does not deny a man a living wage-Billy Bragg
by ManfromMiddletown (manfrommiddletown at lycos dot com) on Thu Apr 29th, 2010 at 10:52:28 AM EST
[ Parent ]
As did many others in 1939.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Apr 29th, 2010 at 10:58:07 AM EST
[ Parent ]
The ratings agencies outlasted him though, didn't they?
by santiago on Thu Apr 29th, 2010 at 12:01:14 PM EST
[ Parent ]


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