• Rating agency Egan-Jones on Wednesday downgraded Spain's sovereign rating to CCC-plus from B
• The agency put the country's debt deep into speculative territory as the stressed banking system continues to weigh.

Quotes

 "As we expected, Spain requested support for its banking sector and will probably need cash for weaker provinces,"  the agency said and added "watch for more requests for support from the banks and money creation." 

  Egan-Jones said in a statement