Spain hit by debt downgrade: S&P
Standard & Poor's cut the credit rating of Spain on Wednesday and warned it could face another downgrade as the country's sluggish economy could hurt efforts to cut the public deficit.
S&P lowered Spain's long-term sovereign credit rating to "AA" from "AA+" and said the outlook was negative.
"In our opinion, Spain is likely to have an extended period of subdued economic growth, which weakens its budgetary position," the agency said in a statement.
© 2010 AFP