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  Demonstrators in Madrid protest against austerity cuts. -Source: Reuters

Standard & Poor’s has cut Spain’s sovereign credit rating to BBB-minus, just above junk territory.

The credit ratings agency cited a deepening economic recession that is limiting the government’s policy options to arrest the slide.

The S&P downgrade comes with a negative outlook reflecting the agency’s view that there are significant risks to economic growth and budgetary performance, plus a lack of clear direction in euro zone policies.

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