Spain’s economic woes took another hit when credit agency Moody’s cut the country’s bond rating three notches to Baa3. The rating is just one notch above classifying Spanish bonds as “junk bonds.”

The credit dip was attributed directly to the country’s 100 billion euro bailout from fellow euro zone countries that was approved over the weekend. Lenders have been stating concern for Spain’s future in the euro zone as a result of their continuing banking woes. Continue reading →