S&P cuts Spain ratings two notches to BBB-plus

Reuters – Standard & Poor’s on Thursday cut its credit rating on Spain to BBB-plus from A, a two-notch downgrade, citing its expectation the government’s budget deficit will deteriorate even more than previously thought due to economic contraction. The ratings agency put a negative outlook on the credit and said it believes the government will also have to provide more financial support for the euro zone nation’s banking sector. Read Article