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It was just 6 months ago that Spain enjoyed a credit rating of AA. In early October, 2011, S&P downgraded Spain to an AA- rating with a negative outlook (details below as to why) and then again in January, 2012 from AA- to A for failing to make much in the way of improvements. Then, just last week, having clearly forewarned Spain that it was at risk of having it's credit rating even further downgraded with all the financial implications of such a move, S&P further reduced Spain's credit rating by two levels to BBB+. When you read what S&P said back in October and again in January, Spain has only itself to blame for its amazing mismanagement and sorry state of affairs. Words: 2000
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