Egan-Jones lowers Spain's credit rating

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Source: Bloomberg
Egan-Jones Ratings downgraded Spain's national credit rating from BB- to B on Tuesday citing country's weakening economic outlook. Ratings agency based its decision on record high unemployment of 24% and large scale bank losses of more than EUR 260 billion. The difference in borrowing costs between German and Spanish bills climbed to the highest level since the introduction of common currency. Euro depreciated versus US Dollar nearly to 2-year low on the news.   
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Wed, 30 May 2012 06:20:30 GMT

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