Moody’s has cut Spain’s sovereign credit rating as confidence wanes over whether the eurozone’s fourth largest economy will be able to meet its deficit reduction targets.
Citing Spain’s “moderate growth prospects” and vulnerability to market turmoil freezing its access to international lending, the rating agency lowered the country’s sovereign rating two notches from Aa2 to A1 and put it on negative outlook.
Before a November election where Spain’s socialist government is expected to suffer a sweeping defeat, confidence among investors that the country will carry out budget deficit reduction plans has been damaged as its economy shows little sign of recovery.
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