Fitch and S&P declined to comment on the Moody's downgrade. A Fitch spokesman said the agency does not specify a deadline to act on its revision on Spain's outlook but said it is a "relatively short period." Moody's also noted that nine of Spain's 17 autonomous regions have breached budget deficit targets. "This casts doubts over the ability of the central government to exercise sufficient control over the regions to ensure compliance with deficit targets," it said. But it said it still believed Spain's debt was sustainable and its baseline assumptions did not anticipate a need for the Spanish government to ask for an EU bailout. The European Central Bank has signaled it will raise interest rates in April to combat inflation in the euro zone. Spain is vulnerable to the tightening cycle because of its high percentage of floating rate mortgages, low economic growth and fragile banking sectors.