Spanish banks downgraded by Moody's, impact on US banks unclear

A story from the other day, but still important.  Included in the list of 28 downgraded Spanish banks are Santander and BBVA, two of their largest banks and two that operate in the US as well. BBVA accepted a substantial bailout late last year. While the two Spanish giants were not as heavily downgraded as other banks, it's still a concern.
What remains unclear is the impact any of this will have on their US operations. Santander, in particular, needs to focus on its home turf which is falling apart by the day. US regulators ought to be digging into this though looking at their history, they probably aren't.

Bloomberg:

Banco Santander SA (SAN) and Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain’s largest lenders, were downgraded by Moody’s Investors Service because of the country’s sovereign debt and souring real-estate loans.

While Santander and BBVA remained investment grade, at least a dozen lenders were lowered to junk status, Moody’s said yesterday in a statement. The ratings company downgraded six banks by four levels and 10 by three grades, with the rest getting one- and two-tier declines.