October 11, 2011 / 4:57 PM / in 6 years

S&P downgrades Spain's banking sector

NEW YORK (Reuters) - Standard & Poor’s on Tuesday downgraded a key measure of risk for Spain’s banking sector, warning that the economic crisis will continue to have a negative impact on Spanish banks in the next 15-18 months.

S&P revised Spain’s Banking Industry Country Risk Assessment to 4 from 3. The so-called BICRA scale ranges from Group 1, the strongest, to Group 10, the weakest.

Countries in the Group 4 include the Czech Republic, Israel, Korea, Mexico, and the Slovak Republic.

Reporting by Walter Brandimarte; Editing by James Dalgleish

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