3 spanish banks downgraded

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    katy
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    Bankia, the biggest by far of the lenders that remain in the hands of the Spanish state, had its debt and deposit rating lowered by two notches to B1. The ratings for Catalunya Banc and NCG were downgraded by two notches to B3. All three lenders have a negative outlook, Moody’s said in a statement issued late on Tuesday.

    http://www.ft.com/cms/s/0/30b66f1e-e3be-11e2-91a3-00144feabdc0.html#axzz2XztkVDHf

    Isn’t B3 junk status?

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