Standard & Poor’s cut its credit ratings for 11 Spanish banks, including Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, citing “potentially negative implications” from the nation’s downgrade last week.
S&P said it may also downgrade six other lenders. Santander, Spain’s biggest bank, had its long-term debt rating cut by two levels to A- from A+, and BBVA, the second-largest, had its rating cut to BBB+ from A, the ratings company said in a statement Monday. The outlook for those ratings is negative.
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