Renewed concerns across peripheral markets in Europe have surfaced after ratings agency Moody's slashed Spain's sovereign credit rating by a notch to Aa2 and warned of further cuts, saying that the country's plans to clean up the battered banking sector will cost more than the government expects and add to its debt burden.
Christopher Palmer of Gartmore Investment Management tells CNBC-TV18 that global markets have priced in the downgrade.
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