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As if on cue, after reading this story, you get Spain's bond auction which brings sub-investment grade rates to a "so-called" investment grade, AAA sovereign entity. From CNBC:

"Spain's Treasury raised 5.2 billion euros at its 12- and 18-month T-bill auction on Tuesday, but the substantial premium to the same auction a month earlier raised doubts over the country's credit rating.

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The 12-month bill paid an average yield of 2.303 percent compared to 1.59 percent in the same auction in May, while the 18-month gave 2.837 percent, up from 1.951 percent.

"The bid/cover was respectable and they managed to get the bonds away. But this was hardly a success with about 5.2 billion euros sold, at the bottom end of the target," said bond strategist at Monument Securities in London Marc Ostwald.

"It also begs the question how Moody's can rate Spain triple-A when you have an auction result like this. While Spanish 12-month yield was 2.30 percent, France's equivalent is 0.4 percent and below the ECB's policy rate of 1.0 percent. This must now put pressure on Moody's to downgrade Spain."

Moody's has kept Spain's debt rating at its highest level, while Fitch last month cut to one notch below top and S&P's has Spanish sovereign debt at two steps below it's highest rating."