Spain loses AA+ credit rating

On Friday Fitch downgraded sovereign debt ratings for Spain from AA+ to AA- due to the worsening debt crisis in the euro zone.

Juan Garcia, director of structured finance ratings, said they also have continuing concern over the real estate sector in Spain adding “Currently, we monitor the volume of loans for real estate deals and the market pricing in order to include the latest data in the review on the ratings of the country”,

In response to Fitch’s downgrade Russian presidential aide, Arkady Dvorkovich, told journalists that Russia would consider buying sovereign debt to help Spain out of its debt crisis.

Dvorkovich said the option for Russia to buy Spanish debt had been discussed, stating “Russia’s former finance minister, Alexei Kudrin and Russia’s foreign minister, Sergei Lavrov met with Ms Elena Salgado, economic and finance minister of Spain. They discussed that question,”. He added that any agreement would depend on Spain having a clear strategy for a sustainable recovery.

“We are waiting for European countries to announce specific, understandable strategy to get out of crisis. If in the context of this strategy Russia’s and other BRIC countries’ support is necessary, we are prepared to provide that support,”