S&P cuts Spain's rating to lowest investment grade

Standard & Poor's downgrades its rating on Spain's debt by two notches, leaving it on the cusp of junk status. A grinding recession, high unemployment and social unrest are limiting the government's options for stemming the country's financial crisis, S&P says.

The credit-rating agency now rates debt issued by Spain BBB-, its lowest investment-grade status. It had been BBB+. (AP)