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||4.31%||4.32%|
|15 yr fixed||3.74%||3.65%|
|30 yr refi||4.29%||4.29%|
|15 yr refi||3.71%||3.62%|
Today's featured rates:
NBA Commissioner Adam Silver talks about what it means to be a modern-day sports commissioner. More
If Congress fails to reach an immigration deal, some communities could lose Dreamers who are firefighters, nurses, emergency care workers and teachers. More
Facebook's efforts to prevent people from using its platform to meddle in U.S. politics will rely in part on one very low-tech tool: postcards. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
Since your kids never see cash, here's how help them -- and you -- be savvy with money they can't hold. More