S&P has downgraded the Spanish credit ratings by two notches. Moreover it feels that country’s financial health may deteriorate further due to reasons as appended below:
- Economic contraction
- Need to support banks.
S&P is pessimistic on Spain as it suggests that Kingdom of Spain's budget trajectory will likely deteriorate against a background of economic contraction in contrast with their previous projections.
Hope all these countries take note of the downgrades and do something to pull up their economy and in turn improve world financial health.
