Moody’s cuts ratings on 28 Spanish banks by 1-4 notches

This was expected after the sovereign downgrade on June 13, it was also heavily rumored earlier today.

Euro unmoved at 1.2502. Sellers at 1.2510/20 with small intraday stops below the US afternoon low of 1.2494.

BBVA 3 notches to Baa3 and Banco Santander to Baa2 from A3. Bankia down 2 notches to junk at Ba2. At least 14 were cut to junk. The complete list.