Moody's downgrades Spain on growth slowdown

SAN FRANCISCO (MarketWatch)
Moody's Investors Service said late Tuesday it downgraded Spain's government bond ratings to A1 from Aa2.
The ratings agency said "no credible resolution of the current sovereign debt crisis has emerged," and that worsening global growth is hurting Spain's already moderate growth prospects.
"Lower economic growth in turn will make the achievement of the ambitious fiscal targets even more challenging for Spain," Moody's said in a statement.
The outlook is negative.