The Spain hits just keep on coming, courtesy of the late-to-the-game ratings agencies, which are socking the country in the gut at the worst possible time.
Moody’s Investor Service on Thursday downgraded five Spanish regions — Castilla-y-Leon, Extremadura, Madrid and Murcia to Aa2 from Aa1 and Castilla-La-Mancha to Aa3 from Aa2. The ratings agency, which shook the markets on Wednesday after warning that Spain could lose its Triple-A sovereign rating, said the outlook for all the regions remain negative. The review reflects the “fragility of the country’s medium-term economic recovery prospects,” Moody’s said.
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