Spain keeps their AA+ rating with Fitch but placed on outlook negative

Spain has been told that they aren't being downgraded now, but possibly in the future.  Right now with an AA+, they are being placed on negative outlook.  Via Fitch:
Fitch Ratings has affirmed the 'AA+' ratings of the Long-term government-guaranteed debt issued by several Spanish financial institutions.

The rating actions follow the affirmation of the Kingdom of Spain's Long-term IDR at 'AA+' and the revision of its Outlook to Negative from Stable.
We can see by their CDS spreads below at 238.600, that the market has lost some of their pessimism, although Fitch seems to think that we still have some room for a negative shock on the downside. I would tend to think that Spain will make it through the Euro contagion without a bailout.  

Spain CDS Spreads currently at 238.600


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