The agency of measurement of risks Moody's has reduced today the qualification of the sovereign Spanish debt of Aa1 to Aa2, with negative perspective.
The agency makes clear that the costs of the restructuring of the financial system will be major of the foreseen for the Government and will provoke an increase of the deficit. It indicates besides the fact that the Government has a control limited on the autonomous communities.
The cut of the note has had an immediate impact on the markets, both of debt and of variable revenue in that the values are present with the brand Spain, and has reactivated the punishment against the titles of the Exchequer.
In I make concrete, Moody's, one of three agencies that dominate this business close to S&P or Fitch, he thinks that the eventual cost of the bank restructuring, which would be about 40.000 or 50.000 millions, might exceed the current estimations of the Government and lead to a major increase of the percentage of national debt. In case of taking place a context of " great stress ", indicates Moody's, this quantity might reach 120.000 million Euros.
The FROB, also to the fall
Likewise, Moody's has reduced today the qualification of the Fund of Tidy Bank Restructuring (FROB) of Aa1 to Aa2 also with negative perspective, provided that the liquidity of this bottom depends entirely on the Spanish State.
The obligations and the Spanish warehouses are not affected, it continues the note, for the reduction applied today, and supports Aaa's note, higher that applies Moody's, and on line with the joint qualification of the zone of the Euro.
María José González