Spanish banks withstand downgrade

29 Apr 2012

Spanish banks’ senior unsecured spreads were unchanged on Monday, despite Standard & Poor’s downgrading 11 of the country’s biggest lenders, including Santander and BBVA, and placing six others on CreditWatch negative.

Santander had its long term debt rating cut from A+ to A-, while BBVA moved from A to BBB+. Both banks were placed on negative outlook.

But bankers said they were pleasantly surprised to see most Spanish banks weather the downgrade — they saw Spanish banks’ cash spreads largely ...

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