S&P

US OUTLOOK

Eurozone in crisis

Standard & Poor's has delivered another blow to sentiment across Europe after cutting Spain's long-term credit rating by one notch, from AA to AA-.

S&P and Fitch have downgraded some of Spain's largest financial institutions including bank Santander, citing a deteriorating outlook for the Spanish economy.

ON ASSET ALLOCATION

Standard & Poor's has maintained its AAA long-term credit rating for the UK and said the outlook remains stable, while warning GDP will be lower than forecast for the next three years.

Standard and Poor's (S&P) has received notice from the Securities and Exchange Commission (SEC) recommending a lawsuit be brought against it over a mortgage-backed security it rated in 2007.

Italy has had its sovereign debt rating cut by ratings agency Standard & Poor's as the European debt crisis continues to rumble on.

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