Spain’s debt rating was cut

[Veritas]

Spain’s debt rating was cut to one level above junk by Standard & Poor’s, which cited euro-region peers’ backtracking on a pledge to sever the link between the sovereign and its banks as it considers a second bailout.

http://www.bloomberg.com/news/2012-10-10/spain-downgraded-to-one-level-above-junk-by-s-p-on-risks.html