REPORT: Moody's Will Downgrade Up To 21 Spanish Banks Today

spain strike march 29 2012

Photo: AP/Alberto Di Lolli

According to Spanish news site Expansion, Moody’s will make a massive downgrade of Spanish banks today that could affect as many as 21 firms.That report cites multiple anonymous sources, and says that the announcement wil likely be made at 9 PM local time (3 PM EDT).

Spanish banks have been seen as the next financial firms under fire, after Moody’s disclosed its plan to systematically reevaluate the banking sectors of various European banking sectors last month.

The ratings agency began with Italian banks last week, and Spanish banks were scheduled to be next on the list to come under fire. It appears obvious to most investors that their ratings have nowhere to go but down, amid economic data showing more and more Spanish individuals and companies will be unable to repay their loans.

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