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Spain Cut by S&P for 2nd Time This Year on Banks, Economy

Spain’s sovereign credit rating was cut for the second time this year by Standard & Poor’s on concern that the country will have to provide further fiscal support to banks as the economy contracts.

S&P lowered Spain to BBB+ from A, with a negative outlook. Spain’s short-term rating was reduced to A-2 from A-1, New York-based S&P said in a statement yesterday. The yield on Spain’s 10-year bond rose 16 basis points to 5.99 percent.