Skip to comments.Moody's cuts Spain by 2 notches, sees funding risks
Posted on 10/18/2011 3:45:31 PM PDT by TigerLikesRooster
Moody's cuts Spain by 2 notches, sees funding risks
By Walter Brandimarte
NEW YORK | Tue Oct 18, 2011 6:19pm EDT
(Reuters) - Moody's Investors Service on Tuesday cut Spain's sovereign ratings by two notches, saying
high levels of debt in the banking and corporate sectors leave the country vulnerable to funding stress.
Worsening growth prospects for the euro zone will also make it more challenging for Spain to reach its ambitious fiscal targets, the ratings agency added.
Spain could be downgraded again if the euro zone debt crisis escalates further, Moody's warned.
"Since placing Spain's ratings under review in late July, no credible resolution of the current sovereign debt crisis has emerged, and it will in any event take time for confidence in the area's political cohesion and growth prospects to be fully restored," Moody's said in a report.
(Excerpt) Read more at reuters.com ...
“Worsening growth prospects for the euro zone.....”
Its the Marxism, stupid....
Indication that things are unstable. This implies that we are at the onset of another disaster.
"The show that never ends," but the last one out, is a corpse.
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