Spain's rating cut again by Moody's

Agency cites negative outlook for third downgrade in 13 months

MADRID - Spain's credit rating was cut for the third time in 13 months by Moody's Investors Service as Europe's debt crisis threatens to engulf the nation.

Moody's on Tuesday reduced the country's ranking to its fifth-highest investment grade, cutting it by two levels to A1 from Aa2, with the outlook remaining negative. Standard & Poor's downgraded Spain on Friday to its fourth-highest investment grade, and Fitch Ratings cut it to the same level on Oct 7.