Spain’s long-term sovereign credit ratings have been downgraded to BBB- from BBB+ and its short-term sovereign credit rating has been lowered to A-3 from A2, Standard & Poor’s Ratings Services revealed today.
The decision for the downgrade comes on the back of mounting risks to Spain’s public finances and due to rising economic and political pressures.
Spain’s economic recession has been highlighted in its real GDP growth forecasts of -1.8 per cent in 2012 and -1.4 per cent in 2013.
In a statement Standard & Poor’s commented that it could revise the outlook on the rating to stable "if the Spanish government’s budgetary and structural reform measures, coupled with a successful eurozone support program, stabilise Spain’s credit metrics".
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