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Moody's downgrade Santander

Thu 20th Oct 2011

Moody's credit ratings agency has downgraded the long-term senior debt and deposit ratings of Banco Santander along a number of other Spanish banks after cutting Spain's bond ratings.

Banco Santander, BBVA, Caixabank and CECA have all had their ratings put on negative outlook.

A Statement from Moody's commented: "With the government rating now at A1, Moody's believes that the benefit of potential support from the government is less pronounced relative to the standalone strength of these banks, which is reflected in standalone ratings that are at or close to the sovereign's own rating at A1.

"Moody's nevertheless continues to factor in one notch of systemic support for these banks to reflect the high likelihood that support would be forthcoming."

The banks' financial strength ratings have not been affected by the downgrades, but the agency will asses the impact of revised projections of the Spanish economy on the performance of bank assets.

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