Global financial markets were reportedly upset by Moody's placing the 'Aaa' rating that it assigns to Spain on review for possible downgrade. This could hardly have come as a surprise.Apart from all the commentary and speculation that has been around for months now about the state of the Spanish economy and its burgeoning debt load, Moody's is the last of the three main CRAs to move and then it has only placed the country's local and foreign currency ratings on review.S&P was the first to move in late April, lowering its then 'AA+' long-term rating to 'AA'. S&P affirmed its 'A-1+' short-term rating but assigned a negative outlook. Fitch lowered its long-term rating on Spain by one notch to 'AA+', affirmed its 'F1+' short-term rating and assigned a stable outlook, a month later.Moody's advised its belated decision to initiate this review was prompted by: the deteriorating (short-term and long-term) economic growth prospects; the challenges the Spanish government faces in achieving its fiscal targets; and concerns over the impact of rising funding costs over the medium term. Moody's advised, if at the conclusion of the review Spain's ratings are lowered, it would most likely be by one, or at most two, notches. The rating agency intends to conclude its review within a three-month period.