S&P downgrades 15 Spanish banks

Standard & Poor''s on Monday lowered the credit rating of 15 Spanish banks in a move that follows the agency''s downgrade of Spain on January 13.
It lowered its credit ratings on 10 banks by one notch and it cut its rating on another five by two notches Spain''s biggest financial institutions were hit including Santander, BBVA, Bankia and CaixaBank, the ratings agency said in a statement. Earlier on Monday Fitch Ratings lowered the credit rating of Spain''s four largest banks.