S&P; cuts Spain’s debt rating
October 14th, 2011 - 3:36 pm ICT by IANSNew York, Oct 14 (IANS) Standard & Poor’s have cut Spain’s long-term debt rating from AA to AA-, with a negative outlook.
The ratings agency said in a statement Thursday that despite signs of resilience in Spain’s economic performance in 2011, the country’s growth prospects still have risks due to high unemployment, tighter financial conditions, the still high level of private sector debt, and the likely economic slowdown in the country’s main trading partners.
S&P; also affirmed its short-term rating of A-1+ on Spain, reported Xinhua.
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Tags: aa, economic performance, economic slowdown, growth prospects, negative outlook, private sector, resilience, signs, spain, term debt, trading partners, unemployment, xinhua