Eur/usd - 1.2307 ... Fitch cut Spain's foreign and local currency issuer default rating to AA+ fm AAA with rating outlook as stable. Fitch said it expected Spain's adjustment to lower debt lvl wud materially reduce the rate of economic growth n inflexibility of Spanish labour market n restructuring of regional savings banks (CAJAS) wud hinder pace of such adjustment. The country's government debt wud likely reach 78% of GDP by 2013 fm less than 40% b4 the outbreak of financial crisis in 2007. Euro fell briefly but sharply to 1.2285 on the news b4 recovery.