16 Spanish Banks including Santander UK have had their credit ratings cut.
The rating agency Moody's quoted the reasoning for their down grading of Spanish banks is because of "adverse operating conditions" recession problems with real-estate and high unemployment, together with a slow down in building projects.
Financial services are bound to be effected and business in Spain and trading UK companies could all find it more difficult to trade.
Leading brokers Professional Insurance Agents Ltd said that "it had targeted Spain as one of its growth areas to offer its financial services to, but may now have to put things on hold for the foreseeable future."
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