Moody’s Spanish Downgrade Could Impact Entire Eurozone

Moody's Corporation (NYSE:MCO) is set to downgrade a wide range of Spanish banks according to a Wall street Journal article earlier today. The report asserted that the ratings agency had notified several Spanish banks of the downgrades, which could be announced as early as today, or might follow later on in the week.

The changes could be reflected in drops of two to three notches in the country's banks and would follow a downgrade of Spanish sovereign debt by Moody's earlier in the month. The ratings change, though, expected, might exacerbate the current situation in Spain, and make its effect known...