Moody’s Investors Service has issued a statement Wednesday, warning that it may downgrade Spain’s AAA ratings as a result of deteriorating economic conditions. Moody’s has warned the rating cut may involve one or two notches.

“Spain’s growth prospects are weaker than those of other Aaa-rated sovereigns,” said Kathrin Muehlbronner, a Moody’s vice president and lead analyst for Spain, in a statement. “In the short term, the government’s accelerated fiscal consolidation combined with the higher borrowing costs currently facing the government, consumers, and businesses will likely depress growth.”

The news comes late to analysts who point out the S&P already took the plunge to take away Spain’s triple-A rating six months ago as well as downgrading it again in April. Fitch also cut Spain’s AAA rating last month.