Spain downgraded as eurozone turmoil spreads

Spain on Wednesday (28 April) became the latest eurozone country to suffer a credit rating downgrade, as contagion from the Greek debt crisis appeared to be spreading rapidly.

Credit ratings agency Standard and Poor's cut its rating for the euro area's fourth largest economy from AA plus to AA, sending Spanish 10-year bond yields up to 4.127 percent and causing shares on the Madrid stock market to tumble by 3 percent.

Only a day earlier the same agency caused widespread financia...