Moody's holds Spain's low rating unchanged

From google.com

Moody's gave Madrid critical breathing room Tuesday in its efforts to sort out its economic problems, holding the country's debt rating unchanged at Baa3, one step above "junk" grade. But the US agency assigned Madrid a "negative outlook," maintaining a threat to downgrade the country if conditions deteriorate. Moody's cited the European Central Bank's willingness to buy Spanish government bonds to stabilize its borrowing rate as well as the government's commitment to implementing fiscal and structural reforms necessary to improve its finances. Moody's also credited the ongoing efforts to restructure the ... (full story)