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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
07/29/201617:31:52Report of Foreign Issuer (6-k)
07/29/201613:57:38Report of Foreign Issuer (6-k)
07/27/201608:24:00Santander Profit Dented by Restructuring Costs -- 4th Update
07/27/201608:01:00UniCredit, Santander Terminate Asset Management Units Merger...
07/27/201607:50:00Banco Santander Brasil 2Q Net Profit Increases 7.8%
07/27/201607:20:00Santander Profit Dented by Restructuring Costs -- 3rd Update
07/27/201605:23:00UniCredit, Santander Terminate Asset Management Units Merger
07/27/201603:37:00Santander Profit Dented by Restructuring Costs -- 2nd Update
07/27/201602:40:00Santander Profit Dented by Restructuring Costs -- Update
07/27/201602:20:00Santander Profit Dented by Restructuring Costs
07/27/201601:42:00Santander Profit Dented by Restructuring Costs
07/26/201615:56:02Report of Foreign Issuer (6-k)
07/26/201612:54:45Report of Foreign Issuer (6-k)
07/19/201612:40:00Santander Holdings USA Declares Quarterly Dividend On Preferred...
07/14/201621:30:00CFPB Tightens Scrutiny of Bank Overdraft Fees, Fines Santander
07/14/201617:56:00CFPB Fines Santander $10 Million as Regulator Tightens Scrutiny...
07/14/201613:30:00Bob Diamond and Consortium Exploring Takeover of Two Italian...
07/13/201605:50:00Spanish Banks Don't Need to Repay Borrowers for Excess Interest...
07/12/201613:40:00Santander Consumer USA Chairwoman Resigns for Broader Role at...
07/12/201612:36:00Correction to Santander Consumer USA Article

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