Spain says S&P downgrade unexpected

PanARMENIAN.Net - Spain's Secretary of State for the Economy Fernando Jimenez Latorre said on Thursday, Oct 11, that the Spanish government did not expect a sovereign debt downgrade by ratings agency Standard & Poor's.

"We did not expect the downgrade," he said during a press conference.

Latorre said he hopes the rating agency will reconsider its position on Spanish debt as the country meets its fiscal consolidations targets, according to Reuters.

Standard & Poor's 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.