Egan-Jones downgrades Spain to CCC+
SAN FRANCISCO (MarketWatch) -- Egan-Jones Ratings Co. downgraded its sovereign rating on Spain further into junk Wednesday as funding costs rise and the country's banking sector seeks financial aid. Egan-Jones cut its rating on Spain to CCC+ from B, right on the heels of a downgrade from BB- in late May. "As we expected, Spain requested support for its banking sector and will probably need cash for weaker provinces," the ratings agency said in a note. "Assets of Spain's largest two banks exceed its GDP." Yields on Spain's 10-year note hit 6.75% on Wednesday.