FXstreet.com (Córdoba) - As is often the case after a sovereign downgrade, the rating Agency Standard and Poor's continued with its downgrades and cut the ratings of five Spanish regions along with the cities of Barcelona and Madrid.
The Spanish City of Barcelona (Barcelona) and City of Madrid (Madrid) were downgraded to 'BBB-' from 'BBB+', with negative outlook.

Meanwhile, S&P decided to lower the rating of Andalusia to 'BBB-' from 'BBB', Aragon to 'BBB-' from 'BBB', Canary Islands to 'BBB-' from 'BBB+', Galicia to 'BBB-' from 'BBB+', and Madrid to 'BBB-' from 'BBB+'. Meanwhile the agency affirmed Balearic Islands rating at 'BBB-'.

In all cases the outlook remains negative reflecting the negative outlook on Spain, "since we do not rate Spain's local governments above the sovereign, according to our criteria", says S&P.