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- Liva & Laia : 15th November
Standard and Poor's credit ratings agency yesterday lowered the rating of the Comunidad de Madrid and the city of Barcelona, downgrading both ratings by one notch from AA to AA Minus, saying that it has a negative perspective for the future.
The decision follows a decision taken last week to downgrade Spain's national debt from AA+ to AA-.
The agency also reduced ratings for the community of Aragon to AA-, the Corporation of Industrial Participants (SEPI) to AA, the Fund for Banking Restructuring (FROB) and the Fund for the Harmonization of the Electronic Deficit to AA.
"We see risks for the perspectives of growth in Spain, due to high unemployment, the tough financial conditions and the still high level of debt in the private sector, as well as the probable slowdown of the economies of Spain's main commercial partners," said a statement from Standard & Poor.