Moody's Investors Service has today downgraded the long-term ratings of 12 Spanish sub-sovereign entities, comprising eight regional and local governments (RLGs) and four related issuers. The ratings of three further sub-sovereigns are unchanged by today's rating actions. However, Moody's has placed the ratings of all 15 Spanish sub-sovereign issuers on review for downgrade. A detailed list of the issuers and ratings affected by this rating action is provided at the end of this press release. RATINGS RATIONALE Today's action on Spanish sub-sovereign entities follows the weakening of the sovereign's creditworthiness, ... (full story)