EURO GOVT-Spanish default insurance costs rise after downgrade
LONDON, April 27
LONDON, April 27 (Reuters) - The cost of insuring against a Spanish default rose on Friday after the country's credit rating was downgraded.
Standard and Poor's cut Spain's credit rating by two notches to BBB-plus late on Thursday, citing the expected deterioration of government finances and weakness of the Spanish banking sector.
Spanish 5-year credit default swaps were 12 basis points higher at 480 basis points, according to data monitor Markit.
The Italian equivalent also rose, up 8 basis points at 450 basis poings.
- Alabama man gets $1,000 in police settlement, his lawyers get $459,000
- Doctor who worked in Africa first Ebola case in New York City |
- Exclusive: Charred tanks in Ukraine point to Russian involvement
- Ground offensive against Islamic State months away in Iraq: U.S.
- U.S. stock futures tumble on reports of NY Ebola case