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
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)
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(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. (Read more Moody's stories.)

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