Spain lost its AAA credit grade at Fitch Ratings as Europe battles a debt crisis that has prompted policymakers to forge an almost $1 trillion bailout package for the region's weakest economies.
The ratings company on Thursday cut the grade one step to AA+ and assigned it a "stable" outlook, according to a statement from London. Spain has held the top rating at Fitch since 2003. Standard & Poor's lowered Spain's ratings to AA on April 28, Denver Post reports.
World equities slid and the euro fell on Friday after a downgrade of Spain's credit rating sent a new chill through markets already worried about the European debt crisis.
The downgrade by Fitch Ratings ignited a new round of selling in equities that were already lower after lackluster U.S. economic data injected a note of caution ahead of long holiday weekends in both the United States and the UK.
Fitch downgraded Spain's credit rating to AA-plus, and said it expects the country's adjustment to a lower debt level will materially reduce its rate of economic growth over the medium-term, according to Reuters.
Presidential candidate Ksenia Sobchak, who was accredited for the press conference by Vladimir Putin from Dozhd (Rain) television channel, asked Putin about competition at the coming election
On December 14, President Putin holds his annual Q&A session with Russian and foreign journalists. This conference is considered to be the beginning of his presidential campaign