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Spanish Banking Stocks Little Changed

MADRID--Spanish banking stocks were mostly unchanged Tuesday in early trade, following steep drops Monday ahead of a widely expected sector downgrade by Moody's Investors Service, amid lingering doubts on the lenders' short-term prospects. At 0720 GMT, most banking stocks fell slightly in Madrid, with only nationalized Bankia SA (BKIA.MC) posting significant losses, down 2.9%. Sector bellwethers like Banco Santander SA (SAN.MC) and Banco Bilbao Vizcaya Argentaria SA (BBVA.MC) were both down under 1%. Moody's overnight lowered its long-term ratings on 28 Spanish banks by one to four notches and lowered two issuer ratings, pointing to the reduced creditworthiness of Spain and expectations that the banks' exposure to commercial real estate will likely cause higher losses. Only seven banks are now above junk territory. Banesto Bolsa, a Spanish brokerage, called the downgrade "the biggest ever blow for Spain's banking sector." Earlier this month, the ratings firm had already lowered Spain's sovereign-debt rating by three notches to Baa3, placing it on the brink of junk territory. Moody's had also said it will keep Spain on review for a possible further downgrade. Among the banks that remain above junk level, Banco Santander was lowered two notches to Baa2, BBVA was lowered three notches to Baa3, Caja Laboral was downgraded one notch to Baa3, Banca March SA and Caja Rural de Navarra S.C.C. were lowered two notches to Baa3. CaixaBank (CABK.MC) was lowered three notches to Baa3. Write to David Roman at david.roman@dowjones.com

Stock News for Banco Santander Chile (SAN)
DateTimeHeadline
09/15/201410:25:51Santander's Botin Pledges to Continue Father's Work--Update
09/15/201406:31:37Santander's Botin Pledges to Continue Father's Work
09/11/201410:00:04Ana Botín Will Have to Hit the Ground Running
09/10/201412:42:19EUROPE MARKETS: European Stocks Fall For Fourth Straight Day
09/10/201412:22:20EUROPE MARKETS: Swatch Falls, Kingfisher Climbs: Europe's Big...
09/10/201411:42:11EUROPE MARKETS: Santander Falls; Kingfisher Climbs: Europe's...
09/10/201411:13:52EUROPE MARKETS: European Stocks Slide For Fourth Straight Day
09/10/201410:37:28EUROPE MARKETS: European Stocks Slides For Fourth Straight Day
09/10/201408:50:53Santander Chairman Emilio Botín Dies Aged 79 -- 3rd Update
09/10/201408:20:24Moody's Cuts Outlook For Brazil's Major Banks
09/10/201408:06:11Moody's Cuts Outlook For Brazil's Major Banks to Negative From...
09/10/201407:17:44Santander Chairman Emilio Botín Dies Aged 79 -- 2nd Update
09/10/201405:40:08EUROPE MARKETS: Santander Slides; Kingfisher Climbs: Europe's...
09/10/201405:00:09Europe Shares Fall, Taking Cue From Asian Markets
09/10/201404:48:31Europe Shares Fall, Taking Cue From Asian, U.S. Markets
09/10/201404:40:16Santander Chairman Emilio Botín Dies
09/10/201404:34:35Santander Chairman Emilio Botín Dies Aged 79 -- Update
09/10/201403:47:32Santander Chairman Emilio Botín Dies Aged 79
07/31/201410:40:08Santander Reports Rise in Second-Quarter Profit -- 2nd Update
07/31/201405:30:06Santander Reports Rise in Second-Quarter Profit

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