January 19, 2009 / 11:34 AM / 10 years ago

REFILE-Euro tumbles after Spain's long-term rating cut

(Corrects instrument code for Spanish bonds in 4th par)

LONDON, Jan 19 (Reuters) - The euro fell sharply against the dollar on Monday while bond spreads between Spain and German held steady in an initial reaction to credit rating firm Standard and Poor’s cutting Spain’s sovereign rating.

The euro hit a session low of $1.3217 EUR= from around $1.3278 after the data.

S&P cut Spain’s long-term sovereign credit ratings to AA+ from AAA, with a stable outlook [ID:nWLA5282].

The yield spread between Spanish bonds ES10YT=RR and German Bunds EU10YT=RR held steady around 114 basis points after the downgrade. Earlier, the spread hit a record 122 basis points.

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