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Credit rating agency Fitch cut Spain's rating by three notches to BBB, even as its banking sector remains in the doldrums and investors continue to dump the country's bonds and shares.

"The much reduced financing flexibility of the Spanish government is constraining its ability to intervene decisively in the restructuring of the banking sector and has increased the likelihood of external financial support," Fitch said in a statement.
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Have them in circles
26 people
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Lincoln De Kalb's profile photo
Angela Vithoulkas's profile photo
Christmas Australia's profile photo
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The Sydney News.Net has been serving Sydney, Australia for well over a decade.
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Leading news site for Australia's largest city. The Sydney News.Net, founded in 1999, updates news about the city and the Sydney metro area for more than ten years. Aside form local stories, The Sydney News.Net displays national and international news, local weather, and links to officials informational sites.