Moody’s to downgrade 21 Spanish banks

Wednesday, May 16, 2012
By Paul Martin
Wednesday, May 16, 2012

Moody’s is set to ‘significantly’ downgrade 21 Spanish banks within a week, following a cut of credit ratings on Italian banks, the Spanish economic daily Expansion said on Wednesday.

“Sources in the Spanish financial sector are convinced that the agency will lower in a significant manner the ratings of numerous institutions,” said the daily.

“The announcement can come within a week according to market sources,” it said, adding that 21 banks would be affected.

The downgrade would deal a further blow to battered Spanish banks, which find it hard to borrow money from other banks because many in Spain are heavily exposed to a real-estate sector that has been in a slump since 2008.

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