Fitch has downgraded Spain’s credit rating three notches to BBB, citing the cost of restructuring and recapitalising the country’s embattled banking sector.
The rating agency estimated the cost of fixing Spain’s banking sector at €60bn – or as much as €100bn in a “severe stress” scenario – and predicted the country would be mired in recession for the rest of this year and 2013.
The downgrade came after it emerged European officials were weighing up a bailout programme for Spain that would aid its banking sector while imposing only limited conditionality on Madrid.
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