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June 12th, 2012 
FAKE NEWS for the Zionist agenda Fitch credit ratings agency said on Tuesday that it had downgraded another 18 domestic Spanish banks, a day following its ratings downgrade on the country’s two biggest banks, Santander and Banco Bilbao Vizcaya Argentaria (BBVA).
The ratings agency said that Spain’s weak economy will continue to have a harmful effect on businesses, adding that “together with low interest rates will place pressure on revenues.”
The agency added that the downgrades were primarily because Spanish sovereign debt ratings had been downgraded to BBB- from A- on June 7 and also due to forecasts that Spain’s faltering economy would remain in recession throughout this year and also in 2013.
The move comes just two days after eurozone finance ministers agreed to help Spain’s troubled banking sector with a 100 billion euro loan.
On Thursday, Fitch downgraded Spain’s long-term foreign and local currency rating by three notches citing the country’s banking crisis, mushrooming debt and recession as the main reasons for the downgrade.
Spain’s central bank reported last month that the country’s economy will shrink in the second quarter of 2012, with the recession expected to continue until at least mid-2012.
Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking with it millions of jobs. In May, Spain fell back into recession.
GMA/JR
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