NEW YORK (CNNMoney) -- Moody's Investor Service downgraded Spain on Thursday over concerns about its sluggish economy and the central government's questionable ability to control finances throughout the country.
Moody's downgraded the country's government bond ratings by one notch, to Aa2 from Aa1, with a negative outlook.
The rating agency expressed doubts over the Spanish government's ability to improve its finances, "given the limits of central government control over the regional governments' finances as well as the background of only moderate economic growth."
Moody's also attributed its downgrade to the high cost that the Spanish government faces in restructuring its banking system, "leading to a further increase in the public debt ratio."
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.56%||3.66%|
|15 yr fixed||2.76%||2.72%|
|30 yr refi||3.55%||3.67%|
|15 yr refi||2.80%||2.78%|
Today's featured rates:
Barnes and Noble announced plans to start selling alcohol in some of its stores. And shares of the bookstore chain rallied on the news while the rest of the market was down on Brexit fears. More
Startup Spark examined the effects that political candidates had on the human brain and nervous system using a device called BrainWave. Here's what it found. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
A tax reform proposal from House Republicans would simplify the tax code and cut rates. More