Moody’s Downgrades 28 Spanish Banks

Michael Aneiro

Moody’s Investors Service is on the bank-downgrade warpath again Monday, this time slashing the ratings of 28 Spanish banks by anywhere from one to four notches.

Moody’s says today’s downgrades follow the weakening of the Spanish government’s creditworthiness (Moody’s downgraded Spain’s government bond ratings to Baa3 from A3 on June 13), and also reflect the lowering of most of these banks’ standalone credit assessments. Specifically, Moody’s said the debt and deposit ratings declined by one notch for three banks, by two notches for 11 banks, by three notches for ten banks and by four notches for six banks. The short-term ratings for 19 banks have also been downgraded between one and two notches, triggered by the long-term ratings changes. Straight from the Moody’s mouth:

Read more


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: