Spanish sovereign debt has been downgraded by Moody’s, credit rating agency, in the latest blow to investor confidence in struggling eurozone economies.
Spain, which held triple A ratings from all the main rating agencies before the global financial crisis, had its Moody’s rating cut on Thursday by one notch to Aa2, two notches below the top level and the same as that from Standard & Poor’s.
The euro was down 0.7 per cent to $1.3802 against the dollar at the end of London trading. Spanish government bond prices fell, and at one point the yield on the country’s 10-year debt rose to 5.55 per cent, the highest since January 11.
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