Reply #56: Spain banks downgraded by S&P and Fitch

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http://www.bbc.co.uk/news/business-15267628

Two leading credit rating agencies have downgraded some of Spain's largest banks, citing a deteriorating outlook for the Spanish economy.

Standard & Poor's (S&P) said it was downgrading the ratings of 10 financial institutions, including the country's two biggest banks, Santander and BBVA.

Fitch said it was cutting the ratings of six banks, after downgrading Spain last week.

Ratings agencies have been downgrading European banks during the debt crisis.