Moody’s Downgrades Spain’s Debt Rating to Aa2

Moody’s downgraded Spain’s sovereign debt rating by one notch — to Aa2 from Aa1 — on Thursday and warned of further cuts to come. “(Moody’s) believes there is a meaningful risk that the eventual cost of the recapitalization effort could considerably exceed the government’s current projections,” the ratings agency said in a statement.

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