{"id":37753,"date":"2012-06-08T14:06:21","date_gmt":"2012-06-08T14:06:21","guid":{"rendered":"https:\/\/armbanks.am\/2012\/06\/08\/235695\/"},"modified":"2024-12-15T12:57:46","modified_gmt":"2024-12-15T12:57:46","slug":"fitch-downgrades-spains-credit-rating-to-bbb","status":"publish","type":"post","link":"https:\/\/armbanks.am\/en\/2012\/06\/08\/37753\/","title":{"rendered":"Fitch downgrades Spain\u2019s credit rating to BBB"},"content":{"rendered":"<p><strong>YEREVAN, June 8, \/ARKA\/. <\/strong>The ratings agency Fitch has sharply downgraded Spain&#8217;s credit rating, citing the growing banking crisis in the eurozone&#8217;s fourth-biggest economy, RIA Novosti reported.  Spain&#8217;s government debt was cut by three notches to BBB, above junk in Fitch&#8217;s ranking scheme, and placed on a negative outlook, meaning the nation remained at risk of a further downgrade.<\/p>\n<p>&#8220;The dramatic erosion of Spain&#8217;s sovereign credit profile and ratings over the last year in part reflects policy missteps at the European level that, in Fitch&#8217;s opinion, have aggravated the economic and financial challenges facing Spain as it seeks to rebalance and restructure the economy,&#8221; Fitch said in a statement.<\/p>\n<p>&#8220;Spain is forecast to remain in recession through the remainder of this year and 2013, compared to Fitch&#8217;s previous expectation that the economy would benefit from a mild recovery in 2013,&#8221; the agency said.<\/p>\n<p>&#8220;The negative outlook primarily reflects the risks associated with a further worsening of the eurozone crisis, notably contagion from the ongoing Greek crisis,&#8221; it said.<\/p>\n<p>Fitch said the downgrade reflected higher than expected likely cost of restructuring Spain&#8217;s troubled banking sector, which is now estimated to be around 60 billion euros ($75 billion), or as much as 100 billion euros &#8220;in a more severe stress scenario.\u201d -0-<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ratings agency Fitch has sharply downgraded Spain&#8217;s credit rating, citing the growing banking crisis in the eurozone&#8217;s fourth-biggest economy<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","tstyn_error":""},"categories":[12139,9216],"tags":[12142,15645,13179],"class_list":{"0":"post-37753","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy-en","7":"category-news","8":"tag-credit","9":"tag-fitch-2","10":"tag-spain"},"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/37753","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/comments?post=37753"}],"version-history":[{"count":0,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/posts\/37753\/revisions"}],"wp:attachment":[{"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/media?parent=37753"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/categories?post=37753"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/armbanks.am\/en\/wp-json\/wp\/v2\/tags?post=37753"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}