S&P Downgrades Spain's Outlook; Spain Fires Back

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S&P Downgrades Spain’s Outlook; Spain Fires Back

A day after Fitch downgraded Greece’s sovereign debt rating, Standard & Poors revised its outlook on Spain to “negative.”

To clarify, Spain's AA+ long-term and A-1+ short-term sovereign credit ratings were reaffirmed, it was the "outlook" that was downgraded.

Standard & Poor's says it now believes that Spain will experience a more pronounced and persistent deterioration in its public finances and a more prolonged period of economic weakness versus its peers.

S&P says reducing Spain's sizable fiscal and economic imbalances requires strong policy actions, which have not yet materialized

In response, Reuters reports that the Spanish Economy Minister says he sees no reason for S&P to change its rating outlook

Spanish economy ministry says the economic recovery will begin in the next few months and says current debt level is manageable.

 

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