S&P downgraded the long-term credit rating of Spain by one notch to AA- from AA with a negative outlook, due to weak growth, tightening fiscal conditions and high private sector debt.
It added it expected continuing deterioration in financial system asset quality while the incomplete state of labour market reform will contribute to structurally high unemployment that will be drag on economic recovery
It added it expected continuing deterioration in financial system asset quality while the incomplete state of labour market reform will contribute to structurally high unemployment that will be drag on economic recovery
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