Photo: Wikimedia Commons
With a fear of a potential run on Spanish bank Bankia, its stock has dropped over 14% today. Now, with Moody’s set to downgrade several Spanish banks at 9:00pm in Spain, some banks may fall even further.Moody’s cut the debt rating of Spain to A3 from A1 on Feb. 13, citing Europe’s debt crisis and downgraded 26 Italian banks on May 14. Standard & Poor’s, another ratings company, cut its credit ratings for 11 Spanish banks, including Banco Santander SA (SAN) and Banco Bilbao Vizcaya Argentaria SA (BBVA), the two biggest, on April 30.
Here are seven Spanish banks and the percentage difference from the stock’s high of the year compared to its current price.
- Santander Central Hispano – -3.3%
- Banco Bilbao Vizcaya Argentaria SA – -38%
- Ahorro Madrid – -5.5%
- Banco Popular Espanol – -48.3%
- Banc Sabadell – -41.1%
- Banco Santander – -29.8%
- Bankia – -61.7%