Moody’s: Development in Spain, Greece may prompt euro area sovereign rating downgrades

By Surin Murugiah of theedgemalaysia.com | The Edge Malaysia – Sat, Jun 9, 2012

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KUALA LUMPUR (June 9): As Spain moves closer to the need for direct external support from its European partners, the increased risk to its creditors may prompt further actions on the country’s ratings, according to Moody’s Investors Service.

Moody’s said on Friday that while Spain’s banking problem was not likely to be a major source of contagion to other euro area countries, the increasing risk of Greece’s withdrawal from the euro could have rating implications throughout the region.

Those most likely to be pressured are Cyprus (Ba1, Negative), Portugal (Ba3, Negative), Ireland (Ba1, Negative), Italy (A3, Negative) and Spain (A3, Negative)

 

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