Business News
Standard & Poor's downgrades Spanish banks
Feb 13, 2012, 21:44 GMT
Madrid - Ratings agency Standard & Poor's on Monday downgraded 15 Spanish banks by one or two notches.
The banks included the country's two biggest banks, Santander and BBVA. Santander's credit rating was dropped to A+ from AA-, while that of BBVA went down to A from A+.
Standard & Poor's also cut Spain's sovereign credit rating in January.
Earlier on Monday, the ratings agency Fitch also lowered the ratings of four Spanish banks, including Santander and BBVA.
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