Moody's ratings agency on Monday (22 October) downgraded five of Spain's biggest regions to "junk" status.
"Very limited cash reserves" as of September and "significant reliance on short-term credit lines" are Moody's main arguments for slashing Catalonia, Andalucia, Castilla-La Mancha, Extremadura and Murcia to below investment grade, where punters take high default risks when buying bonds.
Catalonia - representing a fifth of Spain's economy - saw its rating cut further into j...
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