Posted on 10/19/2011 2:28:10 PM PDT by blam
Moody's Just Made 16 More Huge Downgrades In Spain
Simone Foxman
Oct. 19, 2011, 4:51 PM
Moody's Investors Service downgraded nine Spanish regions, two Basque provinces, and five government-related entities, a day after it downgraded Spanish sovereign debt.
That included demoting one region — Castilla-La Mancha — by five notches, from A3 to Ba2. It also remains on downgrade review.
This newest report confirms that the gravity of the debt crisis is deepening in Spain, one of the countries most vulnerable to banking contagion.
Here's the full release from Moody's.
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Madrid, October 19, 2011 -- Moody's Investors Service has downgraded the long-term ratings of nine Spanish regions, two Basque provinces and five government-related ratings by one or two notches. The outlook on the ratings is negative. At the same time, the rating of Castilla--La Mancha was downgraded by five notches to Ba2 from A3 and remains on review for downgrade.
The rating actions conclude the review for possible downgrade initiated for eight ratings on 29 July 2011.
A full list of affected ratings actions can be found at the end of this press release.
(snip)
(Excerpt) Read more at businessinsider.com ...
Spain got the system of government they wanted. SOCIALISM.
How’s that working out for you Spain ???
Not good.
I keep telling people, Greece is nothing compared to Spain.
“That included demoting one region — Castilla-La Mancha — by five notches, from A3 to Ba2. It also remains on downgrade review. “
This is what happens when you put socialist Don Quixotes in charge.
GREEN ENEGRY
How’s that working out for you Spain ???
<p.Well, between the new ‘GREEN’ technologies, Jorge Soros financing and cheap red whine, all of Espania can habla bullshirt
Who provided highly leveraged capital to fund GREEn energy? Jorge Soros and AlGore
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