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S&P cuts credit ratings of seven Spanish banks after downgrading sovereign debt

MADRID -- Standard & Poor's rating agency cut the credit ratings of seven Spanish banks including the two largest, Santander and BBVA, after having downgraded Spain's sovereign debt.

Banks that suffered in the downgrade late on Tuesday were Santander, BBVA, Banesto, Banco Popular, Bankia-BFA, Banco Sabadell and CaixaBank, the New York-based rating agency said in a statement.

Standard & Poor's axed Spain's sovereign credit rating by two notches on Oct. 10, leaving its bonds just one level above speculative, or junk-bond, status.

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