Spain's credit rating downgraded; causes Euro drop
By ASSOCIATED PRESS, JPOST.COM STAFF
May 28, 2010 23:03
Fitch Ratings cut Spain's credit rating Friday, saying the Spanish government's efforts to reduce debt would weigh down economic growth.
The ratings agency dealt a blow to state efforts to shore up confidence in its finances by cutting the country's rating one notch from AAA to AA plus.
The rating cut has led to a wave of traders betting against the Euro which is expected to continue its recent decline.