S&P downgrades Spain two notches, to BBB+ from A, with a negative outlook. The ratings...

S&P downgrades Spain two notches, to BBB+ from A, with a negative outlook. The ratings agency says it expects "Spain's budget trajectory will likely deteriorate against a background of economic contraction in contrast with our previous projections."

Comments (9)
  • sheeple2012
    , contributor
    Comments (203) | Send Message
    bullish! more LTRO and QE please! (like, NOW!!)
    26 Apr 2012, 05:25 PM Reply Like
  • schatzl
    , contributor
    Comments (391) | Send Message
    Hardly a surprise. This is just the beginning.
    26 Apr 2012, 05:26 PM Reply Like
  • J 457
    , contributor
    Comments (1000) | Send Message
    Its about time. House of cards starting to fall.
    26 Apr 2012, 05:42 PM Reply Like
    , contributor
    Comments (10787) | Send Message
    Spanish bad bank loans are up to 8.2% vs prior high of 9.2% in 1994. Government bond rates are near the 6% range. Spain's use of the ECB to borrow money has doubled since the most recent period and suggests the system is now unable to access the unsecured overnight lending system. Outflow from the banking system reached 67 billion E in March. It's called a bank run. Cash is coming from ECB and probably US swap agreements. And today CDS place 49% probability of bankruptcy in next 10 years.
    26 Apr 2012, 06:06 PM Reply Like
  • untrusting investor
    , contributor
    Comments (9903) | Send Message
    Good points and observations.
    26 Apr 2012, 07:52 PM Reply Like
  • j4mes
    , contributor
    Comments (17) | Send Message
    get short the futures bloodbath tomorrow
    26 Apr 2012, 06:44 PM Reply Like
  • sean.parmelee
    , contributor
    Comments (791) | Send Message
    Selloffs post-downgrade are so last year.
    26 Apr 2012, 10:34 PM Reply Like
  • mimailmula
    , contributor
    Comments (44) | Send Message
    Was the market expecting two notches down at once?
    26 Apr 2012, 11:20 PM Reply Like
  • cn_habs
    , contributor
    Comments (544) | Send Message
    so a 2% drop at the opening?
    27 Apr 2012, 03:34 AM Reply Like
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