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Moody's cuts Spain's credit rating to just above "junk"

  • Spain's credit rating has been cut by rating agency Moody's to just above "junk" levels.

    The move comes after a $126 billion bailout of the country's banks was agreed upon by eurozone countries over the weekend.

    Spain's rating was cut three notches, from A3 to Baa3, one notch above junk.

    The rating will be on review for a downgrade.