Moody’s cuts Spanish regions

■ Moody’s last night cut the debt ratings of five Spanish regions, after maintaining its rating on the country at one level above junk last week. Andalucia, Extremadura, Castilla-La Mancha, Catalunya and Murcia have seen their ratings lowered by one or two notches thanks to “very limited cash reserves… and their significant reliance on short-term credit lines to fund their operating needs”, Moody’s said in a statement.