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S&P and Fitch's Downgrade Spanish Banks

Wed 12th Oct 2011

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.

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