S&P cuts Spain’s sovereign debt rating - FT.com:
Three points from the article:
* "S&P lowered the Spanish rating by one notch from double A to double A minus, its fourth highest investment grade level, bringing it in line with Fitch which cut its rating to the same level earlier this month...."
* "S&P did note that Spain’s 70 per cent debt to GDP ratio compared favourably with other troubled nations, such as Greece and Italy, whose ratios are above 100 per cent."
* "Spain’s borrowing costs for over ten years, which this year have risen to levels not seen since the country gave up the peseta, rose only slightly on the news.....As of Wednesday, the 10-year note was yielding 5.22 per cent."