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Banking, finance, and taxes

More S&P Downgrades in Spain

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By Jon C. Ogg Updated Published
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Last week we saw that Standard & Poor’s had downgraded the credit ratings of Spain to BBB-. The move might as well have been a formal cut to junk bond status because the outlook was negative. Our take remains static: you have not seen the last of the credit rating downgrades for Spain nor for the rest of the PIIGS. Now we have seen today several regional cuts in Spain following last week’s downgrade of the nation.

Fortunately, the move is not having any real negative impact as there are gains in Spain today on more bailout talks. Banco Santander, S.A. (NYSE: SAN) via: Santander BanCorp Ratings Lowered To ‘BBB-/A-3’ Following Downgrade Of Parent; Outlook Is Negative. Last night we saw that Banco Bilbao Vizcaya Argentaria, S.A. (NYSE: BBVA) was cut to BBB- from BBB+, and the outlook is negative. The regional cuts we have seen so far ar as follows:

  • Government-Related Entities ICO And SEPI Downgraded To ‘BBB-/A-3’ After Spain Downgrade; Outlooks Are Negative
  • Spanish Province of Barcelona Downgraded To ‘BBB-‘ Following Similar Action On Sovereign; Outlook Negative
  • Corporacion de Reservas Estrategicas de Productos Petroliferos Cut To ‘BBB-/A-3’ After Action On Spain, Outlook Negative

Again, there will be more downgrades. We would also like to make a reminder that this was easy to see ahead of time because when S&P downgrades a sovereign nation it automatically begins the downgrades for everything in the nation that is effectively deemed under a government entity.

JON C. OGG

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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