Standard & Poor's has downgraded Spain's credit rating two notches to the agency's lowest investment-grade level. S&P said it lowered its rating on debt issued by Spain from BBB+ to BBB-. It also assigned a negative outlook to the rating, meaning it could be further downgraded. S&P cited Spain's economic recession, high unemployment and social unrest. It said those factors are limiting the government's policy options. Spain's economy is shrinking and its banks are struggling under the weight of a collapsed property market. The European Central Bank has agreed to buy Spanish government bonds to help lower borrowing costs. But the government first needs to apply for a bailout. | 
