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Fitch cuts ratings for 18 Spanish banks

  • Fitch Ratings has downgraded 18 Spanish banks, highlighting the potential for the lenders' assets to deteriorate further.

    The downgrade comes less than a week after the agency cut the country's sovereign debt rating by three notches to BBB.

    Fitch, which already cut Santander and BBVA on Monday, cut the ratings for CaixaBank, Bankia and Banco Popular Espanol amongst others.

    Spain's banks have been plagued by bad debts since a property bubble burst.

    The Spanish government has already spent $18.7 billion rescuing regional savings banks while the country’s biggest failed bank, Bankia, will cost some $29 billion to bail out.