S&P cuts Spain's long-term credit

Press Association
Mariano Rajoy
Mariano Rajoy

Standard & Poor's has lowered Spain's long-term credit rating by two notches, saying the country's budget problems are likely to get worse because of the weak economy.


The ratings agency reduced Spain's long-term sovereign credit rating to BBB+ from A and also lowered the country's short-term rating and assigned a negative outlook, which suggests the possibility of another downgrade in the near future.