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Spain’s Ratings Cut by S&P on Deficit, Bank Bailout Concern

Spain’s sovereign credit rating was cut to BBB+ from A by Standard & Poor’s on concern the nation will have to provide further fiscal support to the banking sector as the economy contracts.

Spain’s short-term rating was lowered to A-2 from A-1, while the outlook on the long-term rating is negative, New York-based S&P said in a statement today.