AND SO IT GOES:

Ratings agency Fitch put Spain's sovereign rating on watch for a possible downgrade on Friday, citing risks stemming from fiscal consolidation, bank restructuring and a weak economic recovery.

Fitch praised the Spanish government's structural reforms in the areas of state pensions and the labour market, but said the long-term impact of restructuring of the country's savings banks in particular posed risks to the sovereign's AA-plus credit rating.