S&P downgrades Spain to AA-

Ratings agency Standard & Poor’s downgraded Spain’s long-term credit rating one notch to AA- today, following Fitch’s similar downgrade of the Eurozone nation last week. S&P cited Spain's high unemployment, tightening credit and high level of private-sector debt among the reasons for the downgrade of the nation's creditworthiness. Both agencies have warned that the country could face further downgrades. The euro fell against the dollar by one third of a cent following the announcement early this morning.