Moody's 'axe blow' to rating on Spanish debts - Telegraph The debt crisis sweeping southern Europe has deepened after US credit-rating agency Moody’s downgraded €112bn (£100m) of Spanish mortgage debt and slashed the ratings of Catalunia and a raft of regions with ballooning state deficits. Report Filed: 18 December 2009,15:44 Zulu Tagged: Eurozone subprime lending economics