New pain for Spain on downgrade blow

Adrian Holliday

Spain's pain continues with a new Standard & Poor's downgrade. S&P has snipped Spain's long-term credit rating from AA to AA-. High unemployment, weak growth, plenty of private consumer debt all contributed to S&P's decision. It's a verdict agreed also by Fitch, which last week came to the same decision - and will likely make Spain's debt repayments more expensive.