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Euro Crisis Deeper With Moody’s Downgrading Spain, Cyprus

Jun 14, 2012 1:04 AM ET

Moody’s yesterday cut Spain’s rating three steps to Baa3, one level above junk, from A3, citing the nation’s increased debt burden, weakening economy and limited access to capital markets. Moody’s also lowered Cyprus’s bond rating to Ba3 from Ba1, attributing the downgrade to the material increase in the likelihood of a Greek exit from the euro area, and the resulting increase in the probable amount of support that the government may have to extend to Cypriot banks.

full http://www.bloomberg.com/news/2012-06-13/euro-crisis-deeper-with-moody-s-downgrading-spain-cyprus.html