How To Guides
- Childbirth & Education
- Legal Formalities
- Pensions & Benefits
- Property & Accommodation
Did you know...?
- Airports and Airlines Spain
- Paramount Theme Park Murcia Spain
- Corvera International Airport Murcia Spain
- Daily brief -Wednesday 7 October 2015
- When Expat Eyes Are Smiling
- Meet Wincham at The Homes, Gardens & Lifestyle Show, Calpe
- QROPS 2014
- Spain Increases IHT in Valencia & Murcia
- Removals to Spain v Exports from Spain
- The Charm of Seville
- Gibraltar Relations
- Retiro Park : Madrid
- Wincham announce opening of Marbella office
- Community Insurance in Spain
- Calendar Girls
- Considerations when Insuring your Boat in Spain
- QROPS – HMRC Introduces changes that create havoc in the market place
- QROPS – All Change From April 2012
Fitch cuts Spanish banks after sovereign downgrade
Fitch Ratings yesterday downgraded 18 Spanish banks less than a week after the agency cut the country's sovereign debt rating, underscoring the potential for lenders' assets to deteriorate further.
Fitch, who already cut Santander and BBVA on Monday, cut the ratings for CaixaBank, Bankia, Banco Popular Espanol and others.
"In particular, Spain is expected to remain in recession through the remainder of this year and 2013 compared to the previous expectation that the economy would benefit from a mild recovery in 2013," Fitch said in a statement.
"The institutions affected by today's rating actions are purely domestic banks. Thus, their revenue generation capacity, risk profile, funding access and cost of funding are highly sensitive to the evolution of Spain's economy and its housing market."
Last week Fitch slashed Spain's rating by three notches to BBB.
Moody's Investors Service rates Spain A3, and Standard and Poor's rates the country BBB-plus. Those ratings, as well as that of Fitch, carry a negative outlook.
Euro zone finance ministers agreed on Saturday to lend Spain up to €100 billion to shore up its teetering banks. Madrid said it would specify precisely how much it needs once independent audits report in just over a week.
Spain's banks have been beset by bad debts since a property bubble burst.
The Spanish government has already spent €15 billion bailing out small regional savings banks that lent recklessly to property developers.
Spain's biggest failed bank, Bankia , will cost €23.5 billion euros to rescue, and its shareholders have been wiped out.
Latest News & Stories
- Facebook Tests New Emoticons in Spain
- Spanish driving test examiners strike over safety fears
- Aer Lingus announces new Belfast to Alicante route
- Spain's employers organizations ask for more flexibility in labor market
- Vodafone Spain awarded Barcelona public transport contract
- Barcelona and Madrid’s new mayors are best-rated politicians in their cities
- Sabotage could be behind four-hour suspension of high-speed rail service
- Spain's industrial production rises by 5% in August
- Spain's Santander 'Sought to delay news of fine'
- Spain ranks as 7th 'rich' country with least confidence in Politicians
- How and where to complain about my Bank in Spain
- Bank guarantees - when things go wrong
- Bank Charges in Spain