Spain's IBEX is down 0.9 percent early in the European trading session.
After the U.S. markets closed yesterday, S&P downgraded Spain from BBB+ to BBB-. This is one notch above junk status. And the outlook is negative, which means another downgrade is in site.
"The downgrade reflects our view of mounting risks to Spain's public finances, due to rising economic and political pressures," wrote S&P in a press release.
Meanwhile, much of Europe is up.
England's FTSE is up 0.3percent.
France's CAC 40 is up 0.3 percent.
Germany's DAX is up 0.5 percent.
Italy's FTSE MIB is down 0.6 percent.
SEE ALSO: The Horrific, Worst-Case Scenario For Spain >
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