Moody’s Says Outlook for Spanish Banks Remains Negative
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The outlook for Spain’s banks remains negative as recession threatens to push up loan defaults across all asset classes in the euro area’s fourth-largest economy, Moody’s Investors Service said.
“The main driver of the outlook is the rating agency’s expectation that the banks will continue to operate in a recessionary environment burdened by high levels of non-performing assets that are expected to significantly deteriorate further,” Moody’s said in a statement today.