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Moody’s and Fitch have alongside the Spanish national government downgraded 8 autonomous regions credit ratings. Spanish banks have also suffered the same fate The meaning is simple. As risk rises so does the cost they will all have to pay to borrow.
Spain has however managed to sell it’s paper in a successful bond auction this week be it at higher yield.

http://www.fitchratings.es/adjuntos/861_fitch_downgrades_12_spanish_local_and_regional_governments__negative_outlooks020212.pdf
http://www.simplynetworking.es/news-10693-31-moody%27s_downgrade_region_of_murcia_credit_rating.html

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