Spanish debt downgraded to BBB A leaked IMF report due to be published next week says Spain's banks will need a cash injection of at least 40 billion euros. Thursday ended with more bad news when ratings agency Fitch downgraded Spain's sovereign debt three levels, to triple B, and posted a negative outlook. I am waiting for the IMF and independent valuers to give a figure they think is needed to recapitalise Spain's financial system. Then I'll produce my own numbers, and the government will decide what sum is needed," said Prime Minister Mariano Rajoy. Estimates as to how much money Spain needs to keep its head above water vary widely, from 20 to 112 billion euros. This new downgrade muddies the waters even more. How broke is Spain? The answer is, no-one really knows. More about: Debt crisis, Euro in crisis, Fitch, Mariano Rajoy, Spain