Moody's downgrades 16 Spanish banks

The credit ratings agency Moody's has downgraded 16 Spanish banks including Santander UK, even though they are ringfenced to an extent from Spanish business.

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Santander UK downgraded

The credit ratings agency Moody's has downgraded 16 Spanish banks including Santander UK. It is the first British high street bank to be downgraded this year since the Euro crisis. The firm insists this has no impact on its UK business.