SPAIN DAYBOOK: S&P Downgrades Greece, Spanish Treasuries Fall

The cost of insuring Greek bonds rose to a record after Standard & Poor’s cut the country’s credit rating, spurring losses for peripheral Europe’s government debt.

ECONOMY: *Standard & Poor’s cut Greece’s credit rating to B from BB-. *Finance Minister Elena Salgado attends Parliament at 4 p.m. *Prime Minister Jose Luis Rodriguez Zapatero speaks at party event in Santander at 7 p.m.

EQUITIES: *Actividades de Construccion y Servicios SA, Spain’s biggest construction company, is due to report first-quarter earnings after the market closes. Net income will decline to 242 million euros ($346 million), according to a Bloomberg survey of three analysts. *Almirall SA, the Barcelona-based pharmaceutical company said its Actikerall dermatological treatment was recommended for approval in seven European countries including Germany and the U.K. The company is scheduled to report first-quarter earnings. *Endesa SA, the Spanish power company, is due to report earnings before the market opens. * Viscofan SA, the Spanish sausage-casing maker, is scheduled to report first-quarter earnings after the market closes.

MARKETS: *The IBEX 35 Index fell 2 percent to 10,396.30 in Madrid. *The spread between Spanish and German 10-year borrowing costs widened to 222 basis points.

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