Spain's long-term debt rating downgraded from AA to AA-

Standard & Poor's have cut Spain's long-term debt rating from AA to AA-, with a negative outlook.

The ratings agency said in a statement on Thursday that despite signs of resilience in Spain's economic performance in 2011, the country's growth prospects still have risks due to high unemployment, tighter financial conditions, the still high level of private sector debt, and the likely economic slowdown in the country's main trading partners.

S&P downgrades Italy's credit rating a notch

S&P also affirmed its short-term rating of A-1+ on Spain, reported Xinhua.