Spain there

added some ES shorts by 1184
S&P DOWNGRADES SPAIN LONG TERM RATING ONE NOTCH TO AA FROM AA+; OUTLOOK NEGATIVE
– S&P: “In our opinion, Spain is likely to have an extended period of subdued economic growth, which weakens its budgetary position. The negative outlook reflects the possibility of a downgrade if Spain’s budgetary position underperforms to a greater extent than we currently anticipate.”
– “The downgrade primarily reflects Standard & Poor’s downward revision of its medium-term macroeconomic projections. “We now believe that the Spanish economy’s shift away from credit-fuelled economic growth is likely to result in a more protracted period of sluggish activity than we previously assumed,”