S&P cuts credit ratings of seven Spanish banks after downgrading sovereign debt
AFPMADRID -- 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.
October 17, 2012, 5:12 pm TWN
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.