Spain's 'Sovereign Debt' ratings under scrutiny

Yesterday's shock news is that one of the major ratings agencies, S&P, is contemplating (FT article) a revision downward of Spain's sovereign debt ratings; the immediate result in the markets was a widening in the spread between Spain's 10 year government bonds and those of Germany to its widest level since the launch of the Euro in 1999. This followed on from last week's warning that S&P was