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Moody’s Downgrades Spanish Banks

Spain received yet another downgrade from Moody’s rating agency on Monday, just as the country formally requested bailout for its banks from the euro zone. Earlier this month Moody’s downgraded the Spanish government’s creditworthiness, which Moody’s says led to “a weaker credit profile for Spanish banks. Though Banco Santander was among those downgraded on Monday, it’s the only one of 28 others that still has higher credit ratings than the Spanish government.