S&P downgrades credit of 10 Spaniard banks

Standard and Poor’s (S&P) rating agency has downgraded the credit rating of ten Spaniard banks, Bankia, CaixaBank, Banco Popular, Banco Sabadell and Bankinter among them.

The agency reported that the cut has been applied as a consequence of the update of the measuring criteria and the revision of Spain’s rating.

After the announcement, CaixaBank is one of the ten banks that have the best rating, because its long term debt was qualified as A.

Two steps lower, downgraded to BBB+ are Bankia, Banco Popular, Bankinter, BBK, Kutxa, Ibercaja and La Caixa.

Banco Sabadell, in the midst of the merge with CAM, was downgraded to BBB, and the Banco Financiero y de Ahorros turn to the “junk bond” category.