Spain Downgraded to One Level Above Junk by S&P on Risks

[Valin]

Bloomberg News:

Angeline Benoit and Ian Katz

Oct 10, 2012

 

Spain’s debt rating was cut to one level above junk by Standard & Poor’s, which cited mounting economic and political risks as the government considers a second bailout.

 

The country was lowered two levels to BBB- from BBB+, New York-based S&P said in a statement yesterday. S&P assigned a negative outlook to the nation’s long-term rating and lowered the short-term sovereign level to A-3 from A-2.

 

(Snip)

 

The downgrade comes after Spain announced a fifth austerity package in less than a year and published details of stress tests of its banks. Creditworthiness concerns have grown since the government requested as much as 100 billion euros ($128 billion) in European Union aid to shore up its lenders and amid signals that the deficit target is in jeopardy.

(Snip)

[Pepper]

As long as they keep the tapas bars and the topless bars it will be ok