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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

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