Moody’s downgrades 16 Spanish banks‎

Spain is in recession and unemployment is rising. Investors are concerned about the health of its public finances and banks.

Madrid, Spain (TOE) – Ratings agency Moody’s Investors Service has cut the debt ratings of 16 Spanish banks by one to three notches, citing the effects of the ongoing recession and the reduced creditworthiness of the Spanish government.

It comes after shares in struggling lender Bankia fell another 14%. They have almost halved in value this month.

Fears about losses at Spanish banks has hit shares across Europe.

Thursday’s action affects the leading Banco Santander (Spain) SA as well as the second largest Banco Bilbao Vizcaya Argentaria SA (BBVA). Two other large banks, Banesto and CaixaBank, were downgraded as well.

The credit rating company cited

Moody’s downgrades 16 Spanish banks‎

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