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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
12/16/201417:32:13Portugal's Banco BPI Eyes Novo Banco
12/09/201416:03:41Santander Said Weighing Buyout of U.S. Auto Unit -Bloomberg
12/04/201414:12:23Spain's Bad Bank Picks Apollo, TPG, Cerberus to Sell Property...
12/04/201411:50:20Spain's Bad Bank Picks Firms to Sell Real-Estate Assets
12/04/201411:30:33Spain's Bad Bank Picks Apollo, TPG, Cerberus to Sell Real-Estate...
12/04/201410:17:14Portugal Nears Sales of Parts of Banco Espírito Santo -- Update
12/03/201423:44:26In Spain, Banks Find Dry Lending Landscape
12/03/201423:41:45Novo Banco Reports Assets in Preparation for Auction
11/27/201403:24:08Monitise: Santander, Telefonica, MasterCard Invest GBP49.2 Million
11/25/201419:08:07Santander Mexico to Buy Loan Portfolio From Scotiabank
11/25/201418:21:23Santander to Sell Part of Nevada Solar-Project Stake to Canadian...
11/25/201415:57:39EUROPE MARKETS: Euro Stocks Climb As German Economy Logs Modest...
11/25/201415:56:29Santander CEO Marin to Be Replaced -- 3rd Update
11/25/201415:43:14Santander CEO Marin to Be Replaced -- 2nd Update
11/25/201415:36:25EUROPE MARKETS: German Economy Logs Modest GDP Growth; Stocks...
11/25/201411:16:00Standard Chartered Taps Santander's Euan Campbell for New Senior...
11/25/201407:51:42Santander CEO Marin to Be Replaced -- Update
11/25/201406:28:58Santander CEO Javier Marín to Be Replaced by CFO José Antonio Ã...
11/19/201411:35:14Switzerland's Eurofin in Process of Largely Shutting Down...
11/05/201407:00:08Enel to Float a Further Endesa Stake

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