Moody's Cuts and Spain Climbs

Moody's cut Spain's bond rating - from Ba1 to Ba3 (next stop - junk!). 
The reaction from the market?  The magic chart sez. it all.

Note that the yield maxed not at 7%, but at 6.998 which means, technically,  Spain is still OK :-)
Just kidding - at these rates, there is no way that Spain can go to the markets...