Moody's lowers Banco Santander

Moody's Investors Service said it downgraded Banco Santander, SA's senior debt ratings to Aa2 from Aa1, subordinated debt to Aa3 from Aa2, junior subordinated debt to A1 from Aa2 and preferred instruments to A2 from Aa3. Short-term ratings were affirmed at Prime-1.

The outlook is negative. This concludes the rating review begun on May 19.

"The downgrade of Santander's rating by one notch expresses our concerns about the broad deterioration of the Spanish economy, to which Santander remains heavily exposed, as well as its recently increased exposure to the U.K. and the U.S., which both also face severe economic disruptions," Maria Cabanyes, a senior vice president at Moody's, said in a statement.

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