NEW YORK: Moody's Investors Service on Monday downgraded the long-term debt and deposit ratings for 28 Spanish banks and two issuer ratings, following on the heels of a cut to Spain's sovereign rating to just above junk status earlier this month.
The banks have several links to the sovereign, Moody's said in a statement, and so Spain's reduced creditworthiness "implies a weaker credit profile for Spanish banks."
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