As a continuation to the European debt crisis agony, Moody's Investor Service, after putting Spain's rating under review in mid December, downgraded Spain's rating to Aa2 with negative outlook.

Moody's said the downgrade was due to higher-than-estimated bank restructuring costs that is expected to reach between 40 and 50 billion euros compared with the anticipated 20 billion euros which in turn affect the government's pubic finances.