Fitch cuts Spain's credit rating to BBB

  • Spain's credit rating has been downgraded as estimates on the amount of bailout money it requires begin to increase. 

    Fitch cut its rating by three notches to "BBB" and estimated the country's banks would need at least $75 billion.

    An International Monetary Fund report due out on next week expects to show Spanish banks need at least $50 billion.

    It is the first of a number of reports to be released before the Spanish government decides how it will recapitalize its banks.