Spain hopes to prevent Moody's downgrade

15th December 2010, Comments 0 comments

Spain aims to convince rating agency Moody's in the next three months to abandon a threatened downgrade of the country's debt, Finance Minister Elena Salgado said Wednesday.

"I hope that within three months we can give sufficient arguments so that this negative outlook changes to poistive," she told reporters.

Moody's Investors Service, which trimmed Spain's sovereign debt rating from top-notch Aaa to Aa1 in September, said it had placed the country's debt on review again for a further possible cut.

It cited heavy debt refinancing needs for the year ahead, banking problems and high-spending regions.

© 2010 AFP

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