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Spain Just Got Downgraded

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Moody's (finally) gets it...


Spain's Credit Rating Cut One Level to Aa1 by Moody's (Update1)

Share Business ExchangeTwitterFacebook| Email | Print | A A A By Emma Ross-Thomas

Sept. 30 (Bloomberg) -- Spain had its top credit rating cut one level by Moody's Investors Service, which cited the nation's "weak" economic outlook.

The ratings company lowered Spain to Aa1 from Aaa with a stable outlook, it said today in a statement. Spain lost its top grade at Fitch Ratings in May and at Standard & Poor's in January 2009.

Edited by chris c-t
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Downgraded by the same clowns who AAA rated sub prime, and then changed their minds to junk status overnight - and this is supposed to be significant?

It seems to be what we have to expect.

Same as Halifux stats and comments being regurgitated in the press - a bankrupt bunch of gamblers, same with RBS - they are still pontification about the state of the economy , why - they couldn't even run their own business?

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AA1 still sounds really, really good though.

It is, given the fact that Spain GDP figures are fabricated.

A highly damaging — and deeply anonymous — piece of analysis started making the rounds on Wednesday. Sent from a specially-created Gmail account, with no named author(s), it explores “discrepancies” within published Spanish GDP figures.

It questions Spain’s official GDP statistics for the period between 2007 and 2009, suggesting the national statistics office may have understated the country’s decline in growth by as much as 14.2 per cent



The anonymous author(s) suggests this is a “falsification” by the Spanish government, and one that was done to prevent it from falling into a Greek-like debt trap in the markets


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  • 429 Brexit, House prices and Summer 2020

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