S&P lowers rating of Madrid, Barcelona debt
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Xinhua, October 18, 2011
Debt qualification agency Standard and Poor's decided on Monday to lower the rating of the Comunidad de Madrid and the debt of Barcelona.
The agency downgraded their ratings by one notch from AA- to AA, saying that it has a negative perspective for the future.
The decision followed a move by S&P last week, when it lowered rating of Spain's national debt from AA+ to AA-.
S&P have also lowered ratings for the community of Aragon to AA-, the Corporation of Industrial Participants (SEPI) to AA, and the Fund for Banking Restructuring and the Fund for the Harmonization of the Electronic Deficit to AA.
"We see risks for the perspectives of growth in Spain, due to high unemployment, the tough financial conditions and the still high level of debt in the private sector, as well as the probable slowdown of the economies of Spain's main commercial partners," said a statement from the privately owned company.
