The credit ratings agency Standard and Poor’s has downgraded the credit rating of 11 Spanish banks and put another 5 ‘under review’ with a ‘negative outlook’.
Downgraded are Santander, BBVA, Banesto, Sabadell, Ibercaja, Bankinter, Banca Cívica, Barclays, Kutxabank, Santander Consumer and the Confederación Española de Cajas de Ahorros (CECA).
Put under review with a negative outlook are Caixabank, Bankia, La Caixa, Banco Financiero y de Ahorros (BFA) and Banco Popular.
Spain’s credit rating has just been downgraded by two notches to BBB+ amid concern about the significant risks with respect to economic growth and budget execution.