S&P and Fitch downgrade Spanish banks

S&P and Fitch have downgraded some of Spain's largest financial institutions including bank Santander, 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. It downgraded Banco Santander and Banco Bilbao Vizcaya Argentaria by one notch, to AA- from AA. Meanwhile, Fitch said it was cutting the ratings of six banks, after downgrading Spain last week, the BBC reports. This included downgrading Santander one notch to AA-, and BBVA by one notch to A+. S&P said its latest action resulted from the "tougher-than-previously-anticipated macroeconomic and financial environment in Spain". "In o...