Credit ratings agencies downgrade Spanish Banks

 

Banco Santander SA, CaixaBank, Bankia and Banco Bilbao Vizcaya Argentaria SA (BBVA) were among 15 Spain-based financial firms downgraded by both Standard & Poor and Fitch's credit rating agencies today after both companies reduced the nation's grade last month.

Standard & Poor downgraded Santander, Spain's biggest bank, from to A+ from AA-, while BBVA was reduced to A from A+, the agency said today in a statement, with both institutions being placed on a 'negative outlook'. The ratings company had cut the grade on Spain's long-term debt to A from AA- on January 13th.