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Jun 26, 2012, 12.03 PM IST
Moody's Investors Service on Monday downgraded the long-term debt and deposit ratings for 28 Spanish banks and two issuer ratings, following on the heels of a cut to Spain's sovereign rating to just above junk status earlier this month.
Because the banks have several links to the sovereign, Moody's said in a statement, Spain's reduced creditworthiness "implies a weaker credit profile for Spanish banks."
Among the downgrades was a cut to Banco Santander's
Still, Monday's move kept Santander one notch above the sovereign rating of Baa3, the Moody's release noted, because of the bank's geographic diversity and manageable exposure to Spanish sovereign debt.
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