Fitch Downgrades Spain Debt

Fitch Ratings on Friday downgraded Spain’s long-term foreign and local currency Issuer Default Ratings to AA+ from AAA.

“The downgrade reflects Fitch’s assessment that the process of adjustment to a lower level of private sector and external indebtedness will materially reduce the rate of growth of the Spanish economy over the medium-term,” said Brian Coulton, the head of EMEA sovereign ratings, in a statement.

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