updated 4/28/2010 11:49:22 AM ET 2010-04-28T15:49:22

Credit ratings agency Standard & Poor's has downgraded Spain in another widening of Europe's government debt crisis.

The move Wednesday follows its reductions of Portugal and Greece, which sent shock waves through world markets.

The agency says its decision to downgrade Spain's credit rating by one notch to AA from AA+ is due to its expectation that the country will suffer an "extended" period of subdued economic growth.

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