The uncertainty pushed borrowing costs higher for Spain's government on Monday. Its stock market plunged 3.7 percent.
The other 26 banks downgraded by Moody's are Caja Laboral, Banca March, Caja Rural de Navarra, Caixa Bank, Instituto de Credito Oficial, Bankinter, Banco Cooperativo Espanol, Banco Popular Espanol, Banco Sabadell, Kutxabank, Unicaja Banco, Banco Pastor, Confederacion Espanola de Cajas de Ahorro, Caja Rural de Granada, Bankoa, Liberbank, Ibercaja Banco, Cajamar Caja Rural, Ahorro Corporacion Financiera, Bankia, Banco CEISS, Catalunya Banc, NCG Banco, Banco CAM, Dexia Sabadell and Banco de Valencia.
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AP Business Writer Seth Sutel contributed to this story.
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