June 13, 2012 / 7:42 PM / in 6 years

Egan-Jones cuts Spain rating again, to CCC-plus

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.”

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