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Spanish government says had not expected S&P downgrade
October 11, 2012 / 9:54 AM / 5 years ago

Spanish government says had not expected S&P downgrade

Spain's Secretary of State for the Economy and Support for Enterprises Fernando Jimenez Latorre gestures as he attends the presentation of a banking audit by consultancies Roland Berger and Oliver Wyman in Madrid June 21, 2012. REUTERS/Susana Vera

MADRID (Reuters) - Spain’s Secretary of State for the Economy Fernando Jimenez Latorre said on Thursday that the Spanish government had not expected a sovereign debt downgrade by ratings agency Standard & Poor‘s.

“We did not expect the downgrade,” Fernando Jimenez Latorre said during a press conference.

Latorre said he hoped the rating agency would reconsider its position on Spanish debt as the country meets its fiscal consolidations targets.

Standard & Poor’s on Wednesday cut Spain’s sovereign credit rating to BBB-minus, one notch above junk territory, citing a deepening economic recession that is limiting the government’s policy options to arrest the slide.

Reporting by Rodrigo de Miguel; writing by Jesús Aguado; editing by Paul Day

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