News Headline Summary

Japan's R&I credit rating agency cuts Spain rating to BBB from BBB+ and cuts Italy rating to A from A+

Update details:

- Of note, Spain is rated Baa3 at Moody's, BBB- at S&P and BBB at Fitch
- Italy is rated Baa2 at Moody's, BBB+ at S&P and A- at Fitch

Reaction details:

- Bonds yield spreads were unresponsive following the press release. SP/GE 10s wider by 0.3bps at 333bps and IT/GE 10s wider by 2bps at 261bps ahead of 3y BTP tap at 1000GMT this morning.

Print 09:09, 11 Jan 2013 - Rating Agency comments - Source: Newswires