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Standard & Poor's Ratings Services today said it has lowered its ratings on five Spain-based financial institutions, affirmed the ratings on nine, and maintained the ratings on five on CreditWatch with negative implications (see Ratings List). We have also revised down our assessments of the stand-alone credit profiles (SACPs) of six financial institutions, with revisions ranging from one to three notches. With the exception of two financial institutions, all ratings either carry a negative outlook or remain on CreditWatch negative. The rating actions follow our review of the wider implications for economic and industry risks in the Spanish banking sector after our two-notch downgrade of the Kingdom of Spain (BBB+/Negative/A-2) on April 26, 2012. As a result of the review, we have maintained our Banking Industry Country Risk Assessment (BICRA) on Spain at group '5', but revised our economic risk score, a component of the BICRA, to '6' from '5' (see "BICRA On Spain Maintained At Group 5, Economic Risk Score Revised To '6' Following Sovereign Downgrade," published May 25, 2012, on RatingsDirect on the Global Credit Portal).
Originally posted by komp_uk
The question is not if, it is when.