Moody's 'axe blow' to rating on Spanish debts

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/6835711/Moodys-axe-blow-to-rating-on-Spanish-debts.html

Moody's downgraded a third of the entire stock of Spanish mortgage bonds or "cedulas" – covered bonds deemed safer than US sub-prime securities – but also made from debt that is sliced into packages. Most were cut from AAA (Aaa) to Aa1. They are largely owned by German or French banks and pension funds.