S&P downgrades Spain on weak growth outlook

BBC,

14 October, 2011

Standard & Poor's has cut Spain's long-term credit rating by one notch, from AA to AA-, because of weak growth and high levels of private-sector debt.

The ratings agency added that the country's high unemployment would remain a drag on the economy.

Last week the Fitch agency cut Spain's rating, a process that can raise a country's borrowing costs.

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