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LONDON, October 14 (Itar-Tass) —— Ratings agency Standard and Poor's said on Friday it downgraded the long-term credit rating of Spain by one notch to AA- from AA and signaled further possible downgrades.
“Despite signs of resilience in economic performance during 2011, we see heightened risks to Spain's growth prospects due to high unemployment, tighter financial conditions, the still high level of private sector debt, and the likely economic slowdown in Spain's main trading partners,” S&P said in a statement.
“We could lower the ratings again if, consistent with our downside scenario, the economy contracts in 2012, Spain's fiscal position significantly deviates from the government's budgetary targets, or additional labor market and other growth-enhancing reforms are delayed,” S&P added.
Earlier this month Fitch ratings agency also downgraded Spain by two notches to AA- with a negative outlook.