Spain hit by debt downgrade: S&P

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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

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