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Spain auctions off $5.4 billion in midterm bonds
Spain auctions off $5.4 billion in bonds, demand is good despite ratings downgrades
By The Associated Press

MADRID (AP) ' Spain has easily raised euro3.9 billion ($5.4 billion) in an auction of bonds maturing in 2017, 2019 and 2021 in the first such sale since the three major ratings agencies downgraded the government's debt.

The average interest rate on the 2021 bonds was down to 5.4 percent from 5.9 percent the last comparable auction on July 21.

The Treasury had hoped to auction off a total of between euro3.25 billion and euro4.25 billion on Thursday.

The sale came two days after Moody's downgraded Spain's sovereign government debt rating to "A1" from "Aa2."

On Wednesday night Moody's also downgraded the debt ratings of 10 Spanish regional governments, including one ' Castilla-La Mancha ' to junk bond status.

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