Fitch Downgrades Santander & BBVA to 'BBB+'/Negative Outlook on Sovereign Action

From fitchratings.com

Fitch Ratings has downgraded Banco Santander's (Santander) and Banco Bilbao Vizcaya Argentaria's (BBVA) Long-term Issuer Default Ratings (IDR) to 'BBB+' from 'A' and Viability Ratings (VR) to 'bbb+' from 'a'. The Outlooks on the Long-term IDRs are Negative. At the same time, Fitch has downgraded Santander UK plc's (San UK) Long-term IDR to 'A' from 'A+' and VR to 'a' from 'a+'. The Outlook on San UK's Long-term IDR is Stable. Fitch has also taken actions on various other Spanish subsidiaries of Santander and issuing vehicles of both Santander and BBVA. A full list of rating actions is at the end of this ... (full story)