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||3.92%||3.83%|
|15 yr fixed||2.99%||2.98%|
|30 yr refi||4.01%||3.92%|
|15 yr refi||3.08%||3.08%|
Today's featured rates:
Sumner Redstone, the media mogul who controls Viacom and CBS, is at the center of a legal dispute. One side says he is practically unable to make decisions for himself. The other says he is "engaged and attentive." More
Gold futures hit a low of $1,051.60 an ounce, yet another reminder of just how out of favor gold has become since its all-time high of nearly $1,890 in 2011. More
Watsi crowdfunds donations to cover healthcare costs of those in need. And it's seeing a surprising trend: micro-donations via the popular Chinese social networking app, WeChat. More
Facebook just increased the amount of paid time off new dads working at its international offices can take. More