Moody's Investors Service will continue its review of Spain's Baa3 long-term debt rating for a possible downgrade until the end of September, the ratings agency said late Thursday
The ratings agency is awaiting additional information on recapitalization needs of Spanish banks and the nature and size of support mechanisms available under the European Stability Mechanism following the upcoming German Constitutional court ruling
"At the same time, Moody's cannot exclude the need for more immediate action if Spain's ability to refinance maturing debt was to deteriorate sharply, prompting the country to seek external support beyond the recapitalization program," said Moody's
Spain's sovereign rating has been under review since June 13
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