Spain May Lose Aaa Credit Rating

Spain is in danger of losing its Aaa credit rating, according to Moody's Investors Service. The ratings agency put Spain on review for a possible downgrade in June.

Moody's acknowledged that Spain is highly rated and that while the agency said it doesn't know where Spain's rating will end up, it is likely to go down.

Spain is grappling with the Eurozone's highest unemployment rate and the region's third-biggest deficit.

Spain’s classification may be lowered as much as two grades, Moody’s analysts said June 30, citing “deteriorating” economic prospects and the challenges the government faces to achieve its fiscal targets, according to Bloomberg News.

Spain saw its credit rating cut by Standard & Poor's in April and by Fitch in May.