Banco Santander among 28 Spanish banks downgraded

Moody's Investors Service has downgraded the credit rating on 28 Spanish banks, including Banco Santander, less than a month after cutting the nation's sovereign rating.

The ratings agency said the banks are linked to the sovereign, so Spain's reduced creditworthiness "implies a weaker credit profile for Spanish banks". The move follows a cut to the Spanish government's own credit rating to just above junk status earlier in June. Among the downgrades was a cut to Banco Santander, which saw its long-term rating cut to Baa2 from A3. The bank's UK arm is a standalone business. On Monday, Spain asked for money to help support its banks after an independent audit last week found they needed up to €62bn (£50bn) in extra funding. European authorities h...