Spain's credit rating downgraded by Moody's with negative outlook

Spain's credit rating was downgraded from Aa1 to Aa2 by Moody's Investors Service with a "negative" outlook (Dow Jones/Financial Times/Reuters/Bloomberg, 10-Mar-2011). Moody's stated that Spain will spend as much as EUR50 billion shoring up savings banks, more than double the EUR20 billion- price set by the government. The risks to government finances remain "skewed to the downside," the company said.