Bulletin: S&P Comments On Its Ratings On Spanish Banks After The Downgrade Of The Kingdom of Spain Jan 09

Standard & Poors, January 2009

Abstract
MADRID (Standard & Poor's) Jan. 19, 2009--Standard & Poor's Ratings Services said today that its ratings and outlooks on Spanish financial institutions (see list below) already factor in the increasingly challenging economic environment taken into account in its downgrade today of the Kingdom of Spain to AA+/Stable/A-1+ upon resolution of the negative CreditWatch listing. We reviewed our ratings and/or outlooks on most Spanish banks in 2008, to factor in our expectation that the real estate sector's abrupt adjustment and its spill-over impact to the rest of the economy would weaken the financial profiles of a number of the country's financial institutions. We expect Spanish banks' asset quality to continue weakening significantly in the next two years across all lending portfolios....

Companies mentioned in this report are:
- Banco Santander S.A.
- Caja de Ahorros y Monte de Piedad de Madrid
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Barclays Bank S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco de Credito Local de Espana S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Banco Bilbao Vizcaya Argentaria S.A.
- Santander Consumer Finance S.A.

Action: Bulletin

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Research type: News
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- Banco Santander S.A.
- Caja de Ahorros y Monte de Piedad de Madrid
- Banco Espanol de Credito S.A.
- Bankinter S.A.
- Barclays Bank S.A.
- Caja de Ahorros y Pensiones de Barcelona (Unsolicited Ratings)
- Banco de Sabadell S.A.
- Banco de Credito Local de Espana S.A.
- Banco Popular Espanol S.A.
- Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian (Kutxa)
- Caja de Ahorros y Monte de Piedad de Zaragoza Aragon y Rioja (IBERCAJA)
- Banco Bilbao Vizcaya Argentaria S.A.
- Santander Consumer Finance S.A.

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