Spain downgraded just after receiving bail-out confirmation

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On the day Spain received formal confirmation from eurozone ministers of its ‚¬100bn bank bail-out to a backdrop of street protests, the country was downgraded by a ratings agency to just one notch above default. American firm Egan-Jones Ratings downgraded Spain from CCC+ to CC+ with a 'negative outlook' and the suggestion that the country had a 35 percent probability of default. The Capital Economics think-tank, in the United Kingdom, warned of worse to come for Spain.

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