As of June 10th 2012 Spain is de facto a defaulted country. It requested an international aid after the interest rate on its bonds had passed 6,5% and was closing 7%. A country that can not finance itself alone at the price that the markets request is a defaulted country. That's why the rating of Spain is changed to D, as from June 10th 2012.

The calculation below is if Spain had not requested an aid.

Debt/GDP = 0,68 (68%)
Accumulated deficit for last 5 years/budget income for last 5 years = 0,11
Years since last default = 73 (1939)
5-year inflation = 0,11 (11%)
Budget expences/GDP = 0,45
Trade deficit/GDP = 0,035
World GDP per capita/Country GDP per capita = 0,26
Political factor = 0,2
Crisis factor = 0,4 (involved in current war - Afghanistan)
Other unique factors = 2 (exceptional current default risk, unability to reform the heavy social system, investors are losing confidence and running away from Spain)

OVERALL CREDIT SCORE: 0,729 (72,9%). This responds to BB.

Calculated with this (new) formula:

r = 10/{[1+(debt/GDP)] + [1+10*(accumulated deficit for last 5 years/budget income for last 5 years)] + [1 + (10/years since last default)] + [1+3*(accumulated of last 5 years inflation)] + [1+(budget expences/GDP)] + [1+ 10* (trade deficit/GDP)] + [world's GDP per capita/country's GDP per capita] + [1+political factor] + [1+crisis factor] + [Other unique factors]}

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The rating, calculated with the old formula:

Calculated - Feb 2012

Debt/GDP = 0,68 (68%)
Accumulated deficit for last 5 years/budget income for last 5 years = 0,11
Years since last default = 73 (1939)
5-year inflation = 0,11 (11%)
Budget expences/GDP = 0,46
Trade deficit/GDP = 0,021
Political factor = 0,2
Crisis factor = 0,4 (Involved in Afghanistan war)

OVERALL CREDIT SCORE: 0,708 (70,8%). This responds to BB.