Stock exchange sign
Media playback is unsupported on your device
Video

Spanish banks have credit ratings cut by Moody's

Ratings agency Moody's has cut the credit ratings of 16 Spanish banks, a further blow to a country that is struggling to deal with the bad debts of its banking sector.

It also cut the debt rating on Santander UK, a subsidiary of the Spanish banking giant.

It comes after shares in struggling lender Bankia fell another 14%. They have almost halved in value this month.

Robert Peston reports.

  • 17 May 2012