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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.
In cutting the ratings, Moody's cited the "adverse operating conditions, characterised by the renewed recession, the ongoing real-estate crisis and persistent high levels of unemployment".
Bankia was forced to deny a report customers had taken 1bn euros ($1.3bn; £800m) out of the bank, which is set to be part-nationalised, in the past week.
Moody's said there were several reasons behind the downgrade, including Spain's slide back into recession, the financial challenges facing the Spanish government and bad loans in the property industry.