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S&P downgrades Spanish debt rating

Updated:2010-04-29 15:00:20

Rating agency Standard & Poor's on Wednesday downgraded Spain's sovereign debt rating and kept the rating outlook on negative.

S&P lowered Spanish debt by one notch to AA from AA-plus, and warned of another cut if Spain's fiscal position worsens more than currently expected.

"We now project that real GDP growth will average 0.7 percent annually in 2010-2016, versus our previous expectations of above 1 percent annually over this period," S&P said in a statement.

Deepening sovereign debt woes have been weighing on the market since the end of last year. U.S. stocks pared gains in late morning trading on Wednesday after the downgrading news.

U.S. stocks experienced its worst day in nearly three month on Tuesday after S&P cut Greece's rating to junk and Portugal's to AA- minus.

 

 

Source:http://news.xinhuanet.com

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