Moody's Is Third To Downgrade Spanish Debt

Moody's Investors Service downgraded Spanish sovereign debt from Aaa to Aa1, becoming the third big ratings agency to do so.

As cited by Moody's, the downgrade is due to weak growth prospects, deteriorating debt affordability and a considerable decline in government finances.

Moody's has assigned the same ratings as Standard & Poor's and Fitch's for Spanish debt.

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