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Santander Among 28 Spanish Banks Cut by Moody’s on Debt Risk

Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, Spain’s largest lenders, were downgraded by Moody’s Investors Service because of the country’s sovereign debt and souring real estate loans.

While Santander and BBVA remained investment grade, at least a dozen lenders were lowered to junk status, Moody’s said yesterday in a statement. The ratings company downgraded six banks by four levels and 10 by three grades, with the rest getting one- and two-tier declines.