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Moody's cuts ratings of 28 Spanish banks

Tuesday, June 26, 2012

Moody's cuts ratings of 28 Spanish banks


Ratings agency Moody's has cut the ratings of 28 Spanish banks following a June 13 downgrade of Spain's sovereign rating by three notches.

The banks' long-term debt and deposit ratings have been downgraded by one to four notches. The rating of Bankia, one the country’s largest banks, has been cut to junk status.

Moody’s cited two main factors behind the move: the agency’s assessment of Spain's reduced creditworthiness, and an “expectation that the banks' exposures to commercial real estate (CRE) will likely cause higher losses, which might increase the likelihood that these banks will require external support.”.... MORE

SourceRT.com

URL: http://rt.com/business/news/moodys-ratings-spanish-banks-682/

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