Spain escapes Moody's downgrade.

 Moody's has affirmed Spain's credit at Baa3 with a negative outlook. "The risk of the Spanish sovereign losing market access has been materially reduced by the willingness of the ECB to undertake outright purchases of Spanish government bonds," the ratings agency explained. With Spain edging towards a credit-line bailout, Moody's lack of action helped send the country's 10-year bond yield 29 bps lower to 5.52%.