S&P cuts Spain's debt rating, citing weak economy

According to Xinhua, the ratings agency said in a statement that despite signs of resilience in Spain's economic performance in 2011, the country's growth prospects still have risks due to high unemployment, tighter financial conditions, the still high level of private sector debt, and the likely economic slowdown in the country's main trading partners.

S&P also affirmed its short-term rating of A-1+ on Spain.

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