Fitch Downgrades Spain's Two Major Banks

Data Analysis 11:10:49AM Jun 12, 2012 Source:SMM

NEW YORK, June 11 (Xinhua) -- Fitch downgraded the credit ratings of Santander and BBVA banks from A to BBB+, saying the rating adjustments were primarily based on the downgrade of Spain's sovereign debt ratings to BBB- from A- last week as the country is forecast to remain in recession throughout this year and 2013.

The Spanish government secured a bailout of 100 billion euros (125 billion U.S. dollars) from the EU over the weekend, in an effort to recapitalize its banking sector.
 

Key Words:  Fitch credit ratings 

Fitch Downgrades Spain's Two Major Banks

Data Analysis 11:10:49AM Jun 12, 2012 Source:SMM

NEW YORK, June 11 (Xinhua) -- Fitch downgraded the credit ratings of Santander and BBVA banks from A to BBB+, saying the rating adjustments were primarily based on the downgrade of Spain's sovereign debt ratings to BBB- from A- last week as the country is forecast to remain in recession throughout this year and 2013.

The Spanish government secured a bailout of 100 billion euros (125 billion U.S. dollars) from the EU over the weekend, in an effort to recapitalize its banking sector.
 

Key Words:  Fitch credit ratings