Tags: EU | Spain | Catalonia

Agency Cuts Catalonia's Credit Rating amid Political Tension

Saturday, 10 October 2015 09:41 AM

MADRID (AP) — Uncertainty over Catalonia's political future is set to hurt the independence-minded Spanish region's public finances after an international agency lowered its credit rating.

Standard & Poor's downgraded Catalonia's rating from BB to BB- due to the "nascent tensions" between the region and the central government in Madrid.

S&P said in a statement late Friday it maintained a "negative outlook" for Catalonia because the political controversy could make it hard for the region to borrow money.

It also noted that the northeastern region, which represents nearly a fifth of Spain's economic output, has a high debt load and a poor budgetary performance.

A pro-independence alliance won most votes in a Catalonia regional ballot last month, fueling the secessionist drive.

Spain has ruled out any possibility of Catalonia becoming independent.

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Uncertainty over Catalonia's political future is set to hurt the independence-minded Spanish region's public finances after an international agency lowered its credit rating.Standard & Poor's downgraded Catalonia's rating from BB to BB- due to the "nascent tensions" between...
EU,Spain,Catalonia
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2015-41-10
Saturday, 10 October 2015 09:41 AM
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