Moody's cuts Spain rating to Baa3

SAN FRANCISCO (MarketWatch)
Moody's Investors Service said late Wednesday it downgraded Spain's sovereign-debt rating to Baa3 from A3 and placed it on review for a possible further downgrade
Moody's based the downgrade on Spain's plans to borrow up to 100 billion euros from the European Financial Stability Facility, its limited financial-market access and increasingly vulnerable economy
Moody's said it will conclude its review to decide a further downgrade within three months
The downgrade follows one earlier Wednesday from Egan-Jones, which lowered its rating on Spain to CCC+ from B
On Wednesday, yields on Spain's 10-year note pushed past 6.75%