Fitch downgrades Spain


A number of newspapers are reporting that Fitch Ratings have cut Spain’s credit ratings to BBB from A. The agency also set a negative outlook for the country.

The agency move comes after days in which Spain has been struggling with high lending rates and where the prime minister and finance minister have been giving conflicting statements about the likely need for a bailout by the country.

A sovereign debt auction brought higher yields with ten year bonds selling at 6.04% compared with 5.74% in April.

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