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- Liva & Laia : 15th November
Both Standard & Poor's and Fitch's credit ratings agencies downgraded the a number of Spanish Banks yesterday, over concerns of worsening prospects of economic growth and stagnant property markets.
Both agencies will keep the negative outlook on all the banks, with S&P said it may consider further downgrades if the Spanish economy deteriorates more than expected.
The news saw shares in Santander trade 1.1% dow, and BBVA trading 1.4% down with many other Banks following suit.
Moody's credit rating agency is widely expected to issue a similar downgrade, after putting Spain's Aa2 sovereign rating and those of the country's banks on review for downgrade in July. Moody's declined to comment.
S&P cut its ratings at 10 Spanish banks, including smaller banks like Bankinter and Sabadell. Fitch's lowered ratings for six banks.