If according to S&P recently nationalized Bankia is junk, what does that imply about Spain?
S&P takes various rating actions on Spanish banks
“Standard & Poor’s Ratings Services today said it has lowered its ratings on five Spain-based financial institutions, affirmed the ratings on nine, and maintained the ratings on five on CreditWatch with negative implications (see Ratings List).
We have also revised down our assessments of the stand-alone credit profiles (SACPs) of six financial institutions, with revisions ranging from one to three notches.
With the exception of two financial institutions, all ratings either carry a negative outlook or remain on CreditWatch negative. ”
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