Banco Santander shot by S & P

 Citing a grim outlook for Spain's economy, Standard & Poor's on Tuesday cut its view on 15 of the country's banks. Spain "faces dimming growth prospects in the near term," the ratings agency said while "real estate market activity remains depressed and turbulence in the capital markets has heightened." Further, "the correction of imbalances in Spain will continue negatively affecting the financial profiles of Spain's banks in the next 15 to 18 months." Among those downgraded was Banco Santander , which dropped to "'AA-" from "AA" and was assigned a negative outlook. Among the others also hit were Banco Bilbao Vizcaya Argentaria and Confederacion Espanola de Cajas de Ahorros.