Bloomberg News

Euro Weakens Versus Franc; Moody’s Puts Spain on Review for Cut

July 29, 2011

July 29 (Bloomberg) -- The euro weakened against the Swiss franc after Moody’s Investors Service put Spain’s credit ranking on review for a possible downgrade.

The euro depreciated 0.3 percent to 1.14490 as of 6:25 a.m. in London.

The review stems from “the continued funding pressures facing the Spanish government, which the precedent set for future euro-area support arrangements by the official package for Greece is likely to exacerbate, and the resulting increase in risks to bondholders,” Moody’s said today in a statement.

To contact the reporter on this story: Paul Dobson in London at pdobson2@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net


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