NEW YORK (AP) -- Standard & Poor's Ratings Services is cutting its ratings on 15 financial institutions in Spain after its downgrade of that nation's sovereign debt.
The move comes just after Fitch Ratings Monday downgraded four major banks in Spain for the same reason. Fitch said it cut the ratings because Spain's credit downgrade will weaken the government's ability to help big banks of they get into trouble.
Standard & Poor's also removed the ratings on 13 financial institutions from CreditWatch. It assigned a "Negative" outlook on 11 of them and "Stable" outlook on two.
Both agencies cut various ratings on: Banco Bilbao Vizcaya Argentaria, Bankia S.A., CaixaBank S.A. and Caja de Ahorros y Pensiones de Barcelona.
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