Spain: S&P lowers rating of 11 Spanish banks

30 April, 12:51

(ANSAmed) - MADRID, APRIL 30 - Standard & Poor's has lowered the rating of 11 Spanish financial institutes including Santander and BBVA, after last week downgrading Spain by two notches (from A/A-1 to BBB+) according to a statement quoted by Spanish media. The rating revision was said to have been due to ''significant risks to economic growth and budget implementation'', which could have negative effects on the quality of Spain's credit. On Friday an IMF report raised doubts on the balance sheets of some Spanish banks, warning of ''hidden default''. According to data from Spain's central bank, the Spanish banking sector had accumulated 184 million euros in problematic real estate assets at the end of 2011, equal to 60% of their portfolio. (ANSAmed).