Egan-Jones Cuts Spain’s Debt Rating to B From BB- on Outlook
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Spain’s sovereign credit rating was cut by Egan-Jones Ratings Co. to B from BB- on the country’s deteriorating economic outlook.
The nation’s 9.6 percent budget deficit, 24 percent jobless rate and bank losses of as much as 260 billion euros ($324 billion) weigh on the economy, the ratings company said in an e-mailed statement today.