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S&P Cuts Ratings of 11 Spanish Banks
Oct 17,2012 08:53CST
industry news
Source:SMM
The ratings agency Standard and Poor's on Tuesday cut its rating of all 11 Spanish banks that had a qualification above BBB-.

MADRID, Oct. 17 -- The ratings agency Standard and Poor's on Tuesday cut its rating of all 11 Spanish banks that had a qualification above BBB-.

This new rating follows the agency's decision to lower its rating of Spain's sovereign debt to BBB-, just above junk status, last Wednesday.

Among the 11 Spanish banks are the two largest ones in the country: BBVA and Santander.

Caixabank, Banesto, BFA-Bankia, Banco Popular, Bankinter, Banco Sabadell, Ibercaja Banco and merged saving banks in the Basque Country are also affected by this new rating to which S&P has added a negative perspective for the future.

However, the ratings agency points out they will not know how much the Spanish banking system has been affected by its cut on the rating of the country's sovereign debt until November, when it will make a definitive decision.

S&P did emphasize that it did not envisage lowering its long term qualifications on either Banco Santander or the BBVA.

 

the Standard and Poor's Spanish banks

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