Spain has credit rating lowered

Europe's debt crisis mushroomed today as Spain had its credit rating lowered, just as Germany tried to reassure nervous investors that Greece's economy would not be allowed to go under.

Stock and bond markets had begun to regain their composure after downgrades of Greece and Portugal the day before, when Standard & Poors delivered more bad news by cutting Spain's rating to AA from AA+ amid concerns about the country's growth prospects following the collapse of a property bubble.