Moody's lowers Spanish banks' North American units

Moody's Investors Service said it downgraded certain long-term supported ratings of Banco Santander SA's and Banco Bilbao Vizcaya Argentaria, SA's (BBVA) North American bank subsidiaries.

Following the downgrades, Moody's placed the subsidiaries' long- and short-term ratings, including their stand-alone bank financial strength ratings (BFSR)/baseline credit assessments (BCA), on review for downgrade.

The actions follow the downgrades of Santander (stand-alone BFSR/BCA to C-/baa2 from C/a3, on review for further downgrade) and BBVA (stand-alone BFSR/BCA to D+/baa3 from C/a3, on review for further downgrade).

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