Controversial ratings agency cuts Spain to junk
Egan -Jones has cut Spain’s rating to BB+ from BBB-, the second cut in two weeks.
Egan-Jones has been caught up in a controversy with the SEC in recent weeks, but they have been much more proactive than many of their larger competitors like S&P and Moody’s.
Bad Spanish news has been rolling off EUR/USD’s back like water off a duck lately. It trades firmly at 1.3240 at the moment.