Moody’s Maintains Negative Outlook on Spanish Banks

Monday, 13 Dec 2010 07:13 AM

 

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Ratings agency Moody's says it is keeping a negative outlook on Spanish banks because capitalization, profitability and access to market funding are expected to remain weak.

The outlook reflects the agency's expectation for fundamental credit conditions among the banks to be difficult over the next 12 to 18 months.

Moody's Investors Service said Monday the negative trend is related to Spain's difficult economic conditions, continued asset quality deterioration and the government's fiscal austerity plans, which threaten to sap growth.

Spain is struggling to emerge from nearly two years of recession. It has a bloated deficit and the unemployment rate of nearly 20 percent is the highest in the eurozone.

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