Standard & Poor's has downgraded Spain one notch from AA+ to AA, pointing to a slower than expected growth rate.
"Spain is likely to have an extended period of subdued economic growth, which weakens its budgetary position," S&P says.
"We now project that real GDP growth will average 0.7% annually in 2010-2016, versus our previous expectations of above 1% annually over this period."
The news follows S&P's downgrades of Greece and Portugal yesterday. Greece's rating was cut to junk status with its long-term debt rating downgraded to BBB+.
Portugal's long-term government debt was cut by two notches to A-.
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Talking Strategies: In the video below, Jupiter's fund managers discuss how changing tides over the past two decades have resulted in emerging markets, including EMD, and Asia and Japanese equities to become a core part of many wealth manager portfolios....
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