Spanish downgrade widens CDS spreads

Fears of the need for further European Union bail-outs were increased today as Moody's downgraded Spain's credit rating from Aa1 to Aa2, with a negative outlook on the new rating. By 1pm UK time today, Spanish credit default swap (CDS) spreads rose to 256 basis points, their highest fix since February 25, after closing at 249bp yesterday.

In the aftermath of its own ratings downgrade, Greek spreads closed at an all-time high yesterday of 1,134bp. However, they continued to trade erratically on a

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