Wires

Spanish government says had not expected S&P downgrade

Share

MADRID, Oct 11 (Reuters) - Spain's Secretary of State forthe Economy Fernando Jimenez Latorre said on Thursday that theSpanish government had not expected a sovereign debt downgradeby ratings agency Standard & Poor's.

"We did not expect the downgrade," Fernando Jimenez Latorresaid during a press conference.

Latorre said he hoped the rating agency would reconsider itsposition on Spanish debt as the country meets its fiscalconsolidations targets.

Standard & Poor's on Wednesday cut Spain's sovereign creditrating to BBB-minus, one notch above junk territory, citing adeepening economic recession that is limiting the government'spolicy options to arrest the slide .

(Reporting by Rodrigo de Miguel; writing by Jesús Aguado;editing by Paul Day)

((jesus.aguado@thomsonreuters.com))

Keywords: SPAIN ECONOMY/

Related Tags