This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

Spanish banks downgraded by S&P and Fitch

  • Print
  • Comment

Standard & Poor’s and Fitch have downgraded a raft of Spanish banks, citing a deteriorating outlook for the Spanish economy.

S&P has downgraded 10 financial institutions, including the two largest banks, Santander and BBVA, while Fitch has downgraded six banks on the back of downgrading the Spanish economy last week.

S&P said the action resulted from the “tougher-than-anticipated macroeconomic and financial environment in Spain”.

The rating agency also banks would continue to be affected by problems in the Spanish economy for the next 15-18 months.

S&P says: “In our view, Spain’s economy faces dimming growth prospects in the near term, real estate market activity remains depressed, and turbulence in the capital markets has heightened.”

Fitch also downgraded Santander and BBVA as part of the bank downgrades. Santander was downgraded by one notch to AA-, while BBVA was downgraded one notch to A+.

Ratings agency have been cutting bank ratings across Europe due to fears over the current debt crisis. Last week, Moody’s downgraded 12 UK financial institutions.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick


How do you plan to vote at the general election?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments