BRUSSELS The European Commission expressed confidence on Friday that Spain would meet its budget deficit reduction targets this year and next.
The Commission had no comment on the rating downgrade of Spain by Standard & Poor's.
"We are confident as to the commitment and determination show by the Spanish government with regard to complying with its obligations in order to meet the targets of 2012 and 2013," a Commission spokeswoman told a regular briefing.
Standard & Poor's on Thursday cut its credit rating on Spain by two notches, citing expectations the government finances will deteriorate even more than previously thought as a result of a contracting economy and an ailing banking sector.
(Reporting by Jan Strupczewski; editing by Rex Merrifield)