credit rating downgrade

Moody's Investors Service cut Spain's top credit rating by one level to Aa1 from Aaa with a stable outlook. The agency cited a "weak" economic outlook and doubts that the nation will reach deficit-reduction targets.

Moody's is reviewing 10 large regional banks for possible downgrades because it thinks financial reform means total government support is now less likely. That's setting off a debate about whether those banks will actually take a hit to profitability.