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S&P Downgrades Spain One Notch, Citing Economic Woes
WSJ ^ | 10/13/11

Posted on 10/13/2011 4:49:06 PM PDT by TigerLikesRooster

S&P Downgrades Spain One Notch, Citing Economic Woes

OCTOBER 13, 2011, 7:13 P.M. ET

DOW JONES NEWSWIRES

Standard & Poor's Ratings Services on Thursday downgraded Spain a notch, citing increasingly unpredictable financing conditions that could squeeze a private sector already pressured by lackluster economic growth.

The ratings cut is the latest blow to a large European sovereign's credit status after S&P last month downgraded Italy a notch, citing many of the same problems afflicting euro-zone economies.

S&P expects the Spanish economy will grow at about 1% in real terms next year, a drop from the 1.5% pace it forecast in February.

In downgrading the Iberian nation, S&P cited growing challenges for Spain's private sector as it seeks fresh external financing to roll over high levels of external debt.

S&P now rates Spain at double A-minus, three steps below the top triple A rating. Its outlook is negative.

S&P also sees the quality of assets held in Spain's financial institutions deteriorating after a separate review of its banking system found it posed additional challenges to the broader economy.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Foreign Affairs; Front Page News; News/Current Events
KEYWORDS: amputate; arab; default; downgrade; iberian; sp; spain

1 posted on 10/13/2011 4:49:11 PM PDT by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

P!


2 posted on 10/13/2011 4:50:05 PM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: TigerLikesRooster

But, but, how can that be? Spain invested heavily in alternative energy! ;-)


3 posted on 10/13/2011 4:52:01 PM PDT by COBOL2Java (Obama is the least qualified guy in whatever room he walks into.)
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To: COBOL2Java
I suppose they could go back to the days of sail ships, wood-powered stoves, and horse carriages. Very environment-friendly and energy-saving. A kind of 17th century society with added power source from solar panel and windmills.:-)
4 posted on 10/13/2011 5:01:57 PM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: TigerLikesRooster
The interest they pay on their debt will go up now - and make it HARDER to pay. They're spiraling down... this isn't going to end well...
5 posted on 10/13/2011 6:17:25 PM PDT by GOPJ (Occupy Wall Street Zombies Lastest Chant: “You Can Have Sex With Animals”)
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To: TigerLikesRooster
Nomura: The One Issue That Should Keep You Up At Night

There are talks of a Chinese hard landing, concerns over the U.S. economic recovery, and tensions between North and South Korea.

But in his new note titled Issues Which Keep Me Up At Night, Nomura geopolitical analyst Alastair Newton is concerned with one matter above all:

Europe.

6 posted on 10/13/2011 6:22:24 PM PDT by blam
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To: TigerLikesRooster

Apparently, Europe needs to amputate the southern region from its economy.


7 posted on 10/13/2011 7:04:36 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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To: familyop

they need to amputate socialism


8 posted on 10/13/2011 8:57:43 PM PDT by GeronL (The Right to Life came before the Right to Happiness)
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