European stocks tumbled Wednesday after Standard & Poor’s downgraded its debt rating on Spain, compounding sovereign debt fears just as a resolution to the implementation of Greece’s aid package seemed to be in sight. The news hit the euro, pushing it down to a 12-month low. Standard & Poor’s downgraded Spain one notch to double-A from double-A-plus and kept a negative outlook. The ratings agency also said Spain would likely see an “extended period of subdued economic growth” and cautioned that it could face another downgrade.
European stocks fall on Spain downgrade
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