BUSINESS DIGEST || Ribbon-cutting
Paige and Byrnes Insurance will have a ribbon-cutting ceremony at 6 p.m. today at its new offices at 425 Niles-Cortland Road.
The business will host an open house and reception after the ceremony. The insurance company has served the Mahoning Valley since 1921.
Spain rating cut to lowest grade
Standard & Poor’s is downgrading Spain’s credit rating two notches to the agency’s lowest investment-grade level.
S&P says it is lowering its rating on debt issued by Spain from BBB+ to BBB-. It also assigned a negative outlook to the rating, meaning it could be further downgraded.
S&P cited Spain’s economic recession, high unemployment and social unrest. It said those factors are limiting the government’s policy options.
Spain’s economy is shrinking, and its banks are struggling under the weight of a collapsed real-estate market. The European Central Bank has agreed to buy Spanish government bonds to help lower borrowing costs. But the government first needs to apply for bailout.