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S&P Cuts Spain’s Ratings

Rating agency cites concerns country will have to provide aid to banks amid recession.

By Cordell Eddings and Cheyenne Hopkins | Updated on April 27, 2012

Spain’s sovereign credit rating was cut for the second time this year by Standard & Poor’s on concern that the country will have to provide further fiscal support to banks as the economy contracts.

S&P lowered Spain to BBB+ from A, with a negative outlook. Spain’s short-term rating was reduced to A-2 from A-1, New York- based S&P said in a statement yesterday. The yield on Spain’s 10-year bond rose 16 basis points to 5.99 percent.

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