After The Bailout, Moody’s Axes 28 Spanish Banks By Up To 4 Notches

Spain’s beleaguered banking sector just took another blow, with Moody’s downgrading 28 banks by one to four notches on Monday after the bell.  The axing was the consequence of the credit rating agency’s recent triple-notch downgrade of Spanish debt, coupled with expectations that exposure to commercial real estate will lead to higher than expected losses.  Still, Moody’s acknowledged the coming bailout and recently announced support measures are positive for Spain’s banks.

http://www.forbes.com/sites/afontevecchia/2012/06/25/after-the-bailout-moodys-axes-28-spanish-banks-by-up-to-4-notches/