Moody’s downgrades 28 Spanish banks

Moody’s Investors Service has downgraded the credit rating of 28 Spanish banks, citing the “weakening of the Spanish government’s creditworthiness”.

The cuts come after Moody’s downgraded Spain’s government bond ratings last month.

They include a cut for Banco Santander, which has had its long-term senior debt and deposits rating cut to Baa2 from A3.