Egan-Jones cuts Spain rating again, to CCC-plus
NEW YORK, June 13
NEW YORK, June 13 (Reuters) - Rating agency Egan-Jones on Wednesday cut Spain's sovereign rating to CCC-plus from B, putting the country's debt deep into speculative territory as the beleaguered banking system continues to weigh.
The rating cut - Egan-Jones' fourth since April for Spain - carries a negative outlook, as well.
"As we expected, Spain requested support for its banking sector and will probably need cash for weaker provinces," Egan-Jones said in a statement, adding "watch for more requests for support from the banks and money creation."