“Egan-Jones Ratings cut Spain’s credit level further on Tuesday, citing the same weak banking sector that led the agency to downgrade Spain less than a month earlier.
The firm cut Spain to BB-minus from BB-plus.
“Spain will inevitably be faced with sizable payments to support its banking sector and for its weaker provinces,” Egan-Jones said in a statement on Tuesday. “Assets of Spain’s largest two banks exceed its GDP.”
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