S&P downgrades 5 Spanish banks

FXstreet.com (San Francisco) - S&P's ratings agency has cut the ratings of Bankia, Popular and Bankinter from BBB- to BB+, "Junk," and Banca Cívica (from BB+ to BB) and BFA (from BB- to B+) that were already "junk" to even more "junk."

"The rating actions follow our review of the wider implications for economic and industry risks in the Spanish banking sector after our two-notch downgrade of the Kingdom of Spain (BBB+/Negative/A-2) on April 26, 2012," says the official statement.