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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
07/31/201410:40:08Santander Reports Rise in Second-Quarter Profit -- 2nd Update
07/31/201405:30:06Santander Reports Rise in Second-Quarter Profit
07/31/201404:30:46Santander Reports Rise in Second-Quarter Profit -- Update
07/29/201410:01:36Banco Santander SA 2Q 2014 -- Forecast
07/22/201413:12:47EUROPE MARKETS: FTSE Hits 2-week High As Oil Shares Rise Across...
07/22/201410:05:24EUROPE MARKETS: Oil Shares Drive Higher In Europe; Publicis Slides
07/22/201406:41:02EUROPE MARKETS: Oil Shares, ARM Drive Gains In European Markets
07/10/201402:56:13CNP to Buy 51% Stake in Santander Consumer Finance's Insurance...
06/30/201403:36:34CNP, Banco Santander in Talks Over Consumer Finance Alliance
06/24/201412:00:06Correction to Fed Gives Four Banks Time to Resubmit Capital Plans...
06/23/201412:17:16EUROPE MARKETS: European Stocks Fall As U.K. Housing Plays Struggle
06/23/201405:31:03Santander to Buy Nordic Units of GE Money
06/06/201404:58:35EUROPE MARKETS: European Stocks Up After ECB Cuts; Weekly Win...
06/05/201421:55:20SocGen, Santander Weigh Link with Germany's Commerzbank -- Reports
06/02/201413:59:36King Juan Carlos' Abdication Leads to Debate on Spanish Monarchy
05/29/201416:05:50Providence, R.I., Files Federal Lawsuit Against Banco Santander--2nd...
05/29/201415:30:50Providence, R.I., Files Lawsuit Against Banco Santander
05/29/201415:24:15Providence, R.I., Files Federal Lawsuit Against Banco Santander--Update
05/08/201412:14:05EUROPE MARKETS: Draghi Comments Send European Stocks Higher
04/29/201418:06:12ADR Shares End Higher; ABB, Deutsche Bank and Banco Santander...

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