Breaking News: Moody's downgrades Spain on growth slowdown

Marketwatch

Moody's Investors Service said late Tuesday it downgraded Spain's government bond ratings to A1 from Aa2. The ratings agency said "no credible resolution of the current sovereign debt crisis has emerged," and that worsening global growth is hurting Spain's already moderate growth prospects. "Lower economic growth in turn will make the achievement of the ambitious fiscal targets even more challenging for Spain," Moody's said in a statement. The outlook is negative.

Who was it that downgraded about a week ago? Oh just did a search and it was S&P. Well here's yet another downgrade on Spain on its government bond ratings. S&P also only just downgraded Spain's Barcelona city and Madrid region too. Spain now heading down the slippery-slope path of Greece? Before other Euro countries also get caught up in the snowball and share similar rapid deterioration.

I do not know how any of this works, so quick question, will this affect our stock market?