http://www.nytimes.com/2011/10/20/business/global/spanish-debt-downgrade-points-to-uncertainty-over-euro-crisis.html?_r=1&ref=world
Moody’s cut Spain’s rating to A1 from Aa2, a lower investment-grade rating,citing concerns over debt levels in the Spanish banking and corporate sectors, as well as broader concerns about weakening growth among countries that share the euro.
The agency also warned that a further cut for Spain was possible if the euro debt crisis intensified. Italy and other ailing euro economies have also recently received credit rating downgrades, reflecting concerns both about their own prospects and the squabbling among European leaders over what would be a viable solution to the euro debt crisis.