Moody's cuts Spanish banks

Moody's Investors Service has said it downgraded by one to four notches the long-term debt and deposit ratings for 28 Spanish banks and two issuer ratings.

The agency said the actions follow the weakening of the Spanish government's creditworthiness, as captured by Moody's downgrade of Spain's government bond ratings to Baa3 from A3 on June 13.

The agency said the downgrade of the long-term debt and deposit ratings also reflect the lowering of most of these banks' standalone credit assessments.

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