Moody's on Spain

Spain survived the review by Moody's!Moody's affirm the sovereign's rating at Baa3. That is just one notch above junk status but still leaving it with a negative outlook. Willingness of ECB to outright purchase Spanish bonds has been the reason of Spain not being downgraded for now. ECB's support and Spain's effort should continue to allow Spain accessing the capital market at reasonable rates. EURO well bid after the news and also supported by the rally in the equities market.