Fitch Just Downgraded Spanish Long-Term Sovereign Debt To AA-

Spain Bulls

Photo: AP

Fitch just downgraded Spanish long-term guaranteed sovereign debt to AA- from AA+.This follows a downgrade rampage from Fitch on Friday, when it tore down Spain’s and Italy’s long-term issuer default ratings to AA- and A+, respectively.

Here’s today’s official release:

Fitch Ratings-London/Barcelona-10 October 2011: Fitch Ratings has downgraded the Long-term government-guaranteed debt issued by several Spanish financial institutions to ‘AA-‘ from ‘AA+’. The full list of affected securities is available at www.fitchratings.com or by clicking on the link above.

The rating actions follow the downgrade of the Kingdom of Spain’s Long-term IDR to ‘AA-‘ from ‘AA+’ (see “Fitch Downgrades Spain to ‘AA-‘; Outlook Negative”, dated 7 October 2011 at www.fitchratings.com).

All other ratings of the financial institutions included on the list are unaffected by today’s rating action.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.

Tagged In

moneygame-us spain