S&P cuts Spain's rating one notch on economic view

NEW YORK, April 28 Wed Apr 28, 2010 11:40am EDT

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NEW YORK, April 28 (Reuters) - Standard & Poor's on Wednesday cut its ratings on Spain by one notch to AA from AA-plus, citing a more protracted period of sluggish growth than previously expected.

The outlook is negative, reflecting the possibility of another downgrade if Spain's fiscal position worsens more than S&P currently expects, the agency said in a statement.

"We now project that real GDP growth will average 0.7 percent annually in 2010-2016, versus our previous expectations of above 1 percent annually over this period," S&P said. (Reporting by Dena Aubin, Editing by Chizu Nomiyama)

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