More Spain Units Hit With Moody's Downgrades

Posted on: June 16, 2012 at 23:55
Moody's cut the credit ratings Friday of Spanish regional governments and several government-related companies, following its downgrade of the country's sovereign debt Wednesday.

Moody's lowered the ratings of eight regional and local governments and four units of the local governments, while putting all 15 Spanish regions on further warning for downgrades.

It also cut by three notches the ratings on two government enterprises -- Corporacion de Reservas Estrategicas and Administrador de Infraestructuras Ferroviarias -- and put them on review for another cut.

''Today's actions follow the weakening of the sovereign's creditworthiness, as captured by Moody's downgrade of Spain's government bond ratings to Baa3 from A3 on 13 June 2012,'' the agency said.

The sovereign downgrade on Wednesday came after the government mapped out a deal with the European Union to borrow 100 billion euros ($125 billion) to shore up its banks.

Source:Agence France Presse
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