June 30, 2010 / 6:23 PM / 9 years ago

Moody's puts Spain Aaa rating on review for downgrade

NEW YORK, June 30 (Reuters) - Moody’s Investors Service said on Wednesday that it may cut Spain’s Aaa local and foreign currency government bond ratings after a three-month review.

Moody’s said the possible downgrade reflects deteriorating short-term and long-term economic growth prospects, and the challenges the government faces in achieving its fiscal targets.

The rating agency also cited concerns over the impact of rising funding costs over the medium term.

“If at the conclusion of the review, Spain’s ratings are lowered, it would most likely be by one, or at most two, notches,” Moody’s said.

Reporting by Walden Siew, Editing by Chizu Nomiyama

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