The S&P credit rating agency announced today that Spain's credit rating has been downgraded from AA+ to AA. The announcement comes on the heels of Greece and Portugal's credit downgrade.
The announcement is further evidence that Europe, and the European Union (EU) in particular, need a financial overhaul. But it is also a reminder that while the U.S. economy is recovering (albeit slowly) the world economy may not have hit rock bottom yet.
This article also reminds us that whole countries, not just individuals, are judged on a credit rating system. So the next time you feel bad about your sub-par credit score, think about Spain, Greece, and Portugal. They will survive and so will you.
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