Moodys warned of a possible downgrade to the country's maximum credit rating, highlighting the rapid deterioration of Spain's economy and public finances $EWP

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MADRID (Dow Jones)--Moody's Investor Service, the last major credit ratings agency to rate Spain Aaa, Wednesday warned of a possible downgrade to the country's maximum credit rating, highlighting the rapid deterioration of Spain's economy and public finances. The move follows Fitch Ratings' downgrade of Spain from the coveted top rating late last month. Standard & Poor's Ratings Service cut Spain to AA, two notches below the top rating, in April. Spain is grappling with the collapse of a decade-long housing boom that is weighing on the country's banks, has sent unemployment soaring to over 20% and opened up a double-digit budget deficit. Following the meltdown of Greece's public finances, jittery investors have become increasingly concerned about the problems in Spain, the euro zone's fourth-largest economy, prompting a widespread selloff of euro-zone

$BP 'to divest all North Sea assets' in dramatic attempt to reduce its costs Oil company is looking to axe £9.5bn in spending in order to sustain profitability

BP 'to divest all North Sea assets' in dramatic attempt to reduce its costs Oil company is looking to axe £9.5bn in spending in order to sustain profitability amid the costs of the US oil spill Embattled BP is to cut costs by $14bn (£9.5bn) in six months as part of a radical plan to sustain profitability in the wake of the explosion at its Deepwater Horizon oil rig that has led to the worst spill in US history. Well-placed City sources say that BP is planning to sell its remaining North Sea interests as well as stakes in dozens of exploration and production projects where it does not exercise overall control. The board will also consider whether to sell its 1.4% stake in Rosneft, Russia's largest oil company, which it acquired at the time of Rosneft's 2006 flotation for $1bn. But there is no question of BP selling out of its Russian joint venture with TNK, as that operation accounts for 25% of its worldwide resources and around 10% of profits. BP's British and European assets account for little more than 4% of its