The credit ratings agency Moody's has downgraded 16 Spanish banks including Santander UK. It is the first British high street bank to be downgraded this year since the Euro crisis. The firm insists this has no impact on its UK business.
Santander UK has become the first British high street bank to have its credit rating downgraded because of the recent trouble in the eurozone. This comes despite their reassurances on Tuesday:
Santander UK has been quick to reassure customers that their money is in safe hands, despite being downgraded by Moody's ratings agency.
The decision by a credit rating agency to downgrade Santander UK is another demonstration that the troubles in the eurozone affect us all