More Spain Pain: Moody's Downgrades Five Spanish Regions

Spain Cajas Map

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.

MarketWatch:

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.

Click here for the complete guide to the Spanish economic crisis >

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