Moody's downgrades 16 Spanish banks
World BusinessMay 18, 2012
Moody's on Thursday cut the debt ratings of 16 Spanish banks by one to three notches, citing the effects of the ongoing recession and the Spanish government's own reduced creditworthiness.The leading bank, Santander, and the number two BBVA, were both hit with three-notch downgrades from Aa3 previously to A3, which for Moody's is a upper-medium credit grade, with still low credit risk.Two other la