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Moody's also said the impact of...............>

SPAIN
SPAIN: Moody's also said the impact of independnece on Catalunya Ba3 rtg "is
uncertain." 
- But Moody's "baseline credit assessment, an opinion of an issuer's standalone
financial strength that excludes extraordinary govt support, for Catalunya is
lower at just Caa1" as it has "high refinancing needs," and its liquidity
position has "weakened significantly in recent years."

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