Spain and Italy Recently Downgraded

Last week Spain's credit rating from Fitch was downgraded. The downgrade was drastic, and once the news got out affected markets everywhere. Practically everything besides the US dollar went down in value. The US dollar was able to remain stable during this upheaval. Spain's previous credit rating had been AA+, but went down to AA-.

Italy was also downgraded around the same time Spain was. Italy's current credit rating given by Fitch is now A+. Unfortunately, their credit rating had been downgraded before on October 4th, 2011. The aforementioned reduction in credit rating was given by Moody's. A waning global outlook and a deteriorating confidence in the wholesale financial area in euro sovereigns were listed as just a few of the reasons for the reduction in credit rating. The Italian prime minister claimed that the lowering of the score was anticipated.

Sarasota Rare Coin Gallery can be reached at (941) 366-2191 or (800)447-8778. We have a spacious showroom and more than 40 years of experience. Our friendly and knowledgeable staff are here to assist you! Let us help you get the most for your PCGS and NGC graded coins!