Spainâs credit rating was cut for the third time in three years by Standard & Poorâs as slowing growth and rising defaults threaten banks and undermine efforts to contain Europeâs sovereign-debt crisis. The ranking was reduced by one level to AA-, S&Pâs fourth- highest investment grade, with the outlook remaining negative, the rating company said in a statement yesterday. Fitch Ratings downgraded Spain to the same level on Oct. 7, when the company also cut its rating on Italy. http://www.bloomberg.com/news/2011-10-13/spain-cut-to-aa-from-aa-by-s-p-outlook-negative.html Yawn.