Spain’s credit rating was cut for the third time since June of last year (19-oct-2011)

Spain’s credit rating was cut for the third time since June of last year by Moody’s Investors Service, reducing its ranking to its fifth-highest investment grade to A1 from Aa2. Moody’s, in a statement, cited the “continued vulnerability of Spain to market stress” that is driving up the cost of borrowing, as well as weaker growth prospects. “Moody’s is maintaining a negative outlook on Spain’s rating to reflect the downside risks from a potential further escalation of the euro area crisis.”

By

M.Zohaib Gadit

Forex Trading Consultant