Fitch Ratings on Thursday downgraded its long-term foreign and local currency issuer default ratings on Spain to BBB from A, with a negative outlook
The BBB credit rating is just a notch higher than junk status
The firm said Spain's "high level of foreign indebtedness has rendered it especially vulnerable to contagion from the ongoing crisis in Greece."
Fitch added that the nation's reduced financing flexibility hampers its ability to "intervene decisively in the restructuring of the banking sector and has increased the likelihood of external financial support."
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