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Moody's Will Downgrade Spain's Banks

Across-the-board move coming within a few hours

By Kevin Spak,  Newser Staff

Posted Jun 25, 2012 8:24 AM CDT

(Newser) – Moody's intends to cut the credit rating on every single bank in Spain today, sources tell Reuters. The cuts, which could come in a matter of hours, follow on the heels of Moody's slashing Spain's sovereign rank by a whopping three grades on June 13. The banks have been informed of the move, the sources say.

A man tries to use the cash machine as demonstrators place poster on the bank's windows during a protest against Bankia in Madrid, Spain, Saturday, June 16, 2012.
A man tries to use the cash machine as demonstrators place poster on the bank's windows during a protest against Bankia in Madrid, Spain, Saturday, June 16, 2012.   (AP Photo/Andres Kudacki)
A beggar watches as a worker cleans the glass of a bank in downtown Barcelona Spain, Friday June 22, 2012.
A beggar watches as a worker cleans the glass of a bank in downtown Barcelona Spain, Friday June 22, 2012.   (AP Photo/Emilio Morenatti)
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COMMENTS
Showing 2 of 4 comments
B-Diddy
Jun 25, 2012 11:03 AM CDT
Fucking Awesome!!!!!!!
ProbolyKnot
Jun 25, 2012 8:53 AM CDT
Moody's job before the financial collapse of 2008 was to throw up the red flags long before the banking industry got out of control... while something could be done about it without near total economic collapse. And now Moody's is supposed be considered this pillar of sound judgement? fk them.
Money • World

 
Spain • Moody's • credit rating • European Union debt crisis

 
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