Standard & Poor’s cut the credit rating for Spain to BBB+ from A. The two notch downgrade came with a negative outlook and a cut to the gross domestic product growth forecast. Standard & Poor’s has a projected forecast of a 1.5% contraction for Spain GDP. The previous forecast projected GDP growth of .3%.
To read a related Fox Business article, please click here:
http://www.foxbusiness.com/markets/2012/04/26/sp-downgrades-spain-to-bbb-on-debt-concerns/
Jim Sutliff