Moody's cuts credit ratings of 16 Spanish banks

  • Ratings agency Moody's has cut the credit ratings of 16 Spanish banks, dealing a further blow to the country struggling with its banking sector.

    Moody’s also cut the debt rating on Santander UK, a subsidiary of the Spanish banking giant.

    Fears about losses at Spanish banks have hit markets across Europe.

    The banks include Banco Santander and BBVA, the biggest banks in Spain. Ten of the 17 banks were also put on negative credit watch, indicating further downgrades in the near future.