Moody's cuts its ratings on 17 Spanish banks by one to three notches - 5/17/12

As expected, Moody's cuts its ratings on 17 Spanish banks by one to three notches. The song remains the same: "Adverse operating conditions ... Reduced creditworthiness of the Spanish sovereign ... Rapid asset-quality deterioration." Santander (STD) and BBVA receive cuts but remain the most credit-worthy of the nation's lenders

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