Moody's start to worry about Spain

Anyone starting to have doubts about Spain?

Moody's have started to take a dim view about the future prospects of that bubbled-wrecked economy. Citing Spain's rapidly exploding debt burden, near-zero growth and the "door-in-face" from capital markets, it downgrading Spain by three notches. Thank you, Moody's. Another kick in the face was just what our Spanish neigbours needed right now.

Where were the downgrades when Spain really needed them? i.e. during the years of massive house price appreciation and unsustainable debt accumulation. Then, a downgrade might have cooled things off. But no, when Spain's economy was raging red, the credit rating agencies were signalling that Spanish debt was gold plated. There were no nagging doubts then.

Moody's is of course far too late with their downgrades. For Moody's, doubts about Spain began after everything had started to turn to custard.