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2011 Bond Ratings: Upgrades, Downgrades

30 Spanish Banks

Rating Action: Downgrade by one notch or more

Rating Date: March 24

Moody's downgraded the senior debt and deposit ratings of 30 Spanish banks after the rating agency cut the country's government bond ratings two weeks before.

All 30 banks were downgraded by at least one notch, with 15 banks taken down two notches and five lowered three to four notches.

"It seems increasingly plausible that hard choices will need to be made at some point over the rating horizon, balancing the sovereign's incentive to support the banks with the need to protect its own balance sheet," Moody's said in the statement.

"It is, in Moody's view, increasingly likely that the sovereign will not be prepared to write all banks a blank check."

The rating agency left its views on the country's biggest banks, Santander (STD) and Banco Bilbao Vizcaya Argentaria (BBVA) and Caixa unchanged with negative outlook.
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