The Fitch ratings agency on Thursday (7 June) downgraded Spain to close to bail-out territory due to its banking troubles, uncertainty surrounding Greece and "policy missteps at European level."
Fitch cut the Spanish rating by three notches to "BBB," just one level above so-called non-investment grade status which indicates a high risk of default.
The New York-based agency said the downgrade came as the cost of rescuing Spain's troubled banks is now estimated at between €60-€100...
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