Moody's assigns 'negative' outlook to Spain's rating

Moody's Investors Service ratified Spain's "Baa3" government bond rating, but has given a negative outlook to its rating.

The agency stated in a communiqué that "Today's rating action concludes the review for possible further downgrade of Spain's rating."

Moody's has kept the same line as rival agency Standard & Poor's, while Fitch has left Spain's rating a step higher, at "BBB."

The agency has justified its measure by stating that "the risk of the Spanish sovereign losing market access has been materially reduced by the willingness of the European Central Bank (ECB) to undertake outright purchases of Spanish government bonds to contain their price volatility."