Standard & Poors' new gloomier economic forecasts for the euro zone and its strained members has no impact on the firm's sovereign ratings, a spokesman for the rating agency said on Tuesday.
Economists at S&P further cut their forecasts for the euro zone's economy in 2012 to -0.8% from -0.7% previously and for 2013 to zero growth from growth of 0.3%.
Spain's economy is now seen shrinking 1.8% this year and 1.4% next year, more than double the firm's previous estimate in July for a 0.6% contraction.
Forecasts for Italy were cut to a 2.4% contraction this year and 0.6% drop in 2013 from previous forecasts for drops of 2.1% and 0.4% respectively."There is no rating impact, the economic forecasts are not directly linked to sovereign ratings," an S&P spokesman said.
