EURO GOVT-Spanish default insurance costs rise after downgrade

LONDON, April 27 Fri Apr 27, 2012 6:04am EDT

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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.

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