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Moody's: Spain's credit rating could be cut to junk within three months

 
DoorBert
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06/14/2012 07:52 AM
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Moody's: Spain's credit rating could be cut to junk within three months
Spain could be downgraded to 'junk’ within three months, rating agency Moody’s warned on Wednesday night, as it slashed the country’s credit rating by three notches.

The €100bn (£80bn) bank bailout agreed this week will “further increase the country’s debt burden”, the agency said, as it cut Spain’s government bond rating from A3 to Baa3 – one notch above non-investment grade or 'junk’ status.

Moody’s also cited the Spanish government’s “very limited financial market access” and the weakness of the country’s economy.

It placed Spain on review for possible further downgrade as it awaited the outcome of audits of Spanish banks and further details of the bank bailout. Spain’s rating could also be cut if “the risk of a Greek exit from the euro were to rise further”, Moody’s said. It expected to conclude the review within a maximum of three months.

[link to www.telegraph.co.uk]
Anonymous Coward
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06/14/2012 09:17 AM
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Re: Moody's: Spain's credit rating could be cut to junk within three months
Good morning Doorbert.


I believe it will be a lot sooner than that but Moody's would hate to panic the sheeple to soon.
Anonymous Coward
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06/14/2012 09:31 AM
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Re: Moody's: Spain's credit rating could be cut to junk within three months
How about a downgrade by 5 pm today? Lol
Anonymous Coward
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06/14/2012 10:08 AM
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Re: Moody's: Spain's credit rating could be cut to junk within three months
Spain will be destroyed as a sovereign entity very soon





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