SPAIN 5

TODAY, SPAIN’S SOVEREIGN DEBT RATING SLASHED 3 STEPS FROM A TO BBB WITH A NEGATIVE LOOK.

FITCH JUST DOWNGRADED  SPAIN’S CREDIT RATING FROM A TO BBB WITH A NEGATIVE LOOK.

FITCH ALSO WARNED THAT SPAIN IS AT RISK OF BEING DOWNGRADED INTO JUNKBOND STATUS.

AMAZINGLY ENOUGH, SPAIN FOUND STRONG DEMAND FOR ITS DEBT TODAY BUT THE INTEREST RATE THE COUNTRY HAD TO PAY TO SELL THE DEBT ROSE TO 6.044% FROM 5.743% LAST APRIL.

THE YIELD FOR SPAIN’S 10-YEAR DEBT EDGED SLIGHTLYLOWER TO 6.13% IN TRADING FOLLOWING THE TODAY’S AUCTION.

OUR COMMENT : FATE LAUGHS AT PROBABILITIES !!!!!

PHLDUCX