Moody's 'axe blow' to rating on Spanish debts The debt crisis sweeping southern Europe has deepened after US credit-rating agency Moody's downgraded €112bn (£100m) of Spanish mortgage debt and slashed the ratings of Catalunia and a raft of regions with ballooning state deficits. By Ambrose Evans-Pritchard, International Business Editor Published: 6:05AM GMT 18 Dec 2009 A deserted buiding site in Spain. The country has been hit hard by the property crash Spain's media called the move an "axe blow", fearing a domino effect through the country's debt markets. Credit default swaps measuring the risk on Spanish sovereign bonds jumped 10...