FITCH SLASHES LONG-TERM RATINGS ON 18 SPANISH BANKS

“Fitch just announced that it cut the long-term issuer default ratings on 18 Spanish banks.

From Fitch: “In particular, Spain is expected to remain in recession through the remainder of this year and 2013 compared to the previous expectation that the economy would benefit from a mild recovery in 2013. The institutions affected by today’s rating actions are purely domestic banks. Thus, their revenue generation capacity, risk profile, funding access and cost of funding are highly sensitive to the evolution of Spain’s economy and its housing market.”

Here’s an excerpt from the press release.”

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