Fitch analyst: Spanish banks look pretty strong

7 July 2010

A leading analyst at Fitch Ratings has moved to dismiss concerns about what the forthcoming publication of stress tests will reveal about the state of Spanish banks.

Brian Coulton, managing director of European ratings at Fitch Ratings, told Reuters: "We do think there are problems in certain sectors - in particular the Spanish saving sector - but by and large, the major Spanish banks look pretty strong to us."

He added that the economic situation in the financially-troubled nation of Greece appears to be gradually improving.

Fitch downgraded the debt rating for Greece in April, but Mr Coulton said the information they have been getting from the country since then has been "slightly more positive".

The results of stress tests conducted on more than 100 European financial institutions are to be made public on July 23rd 2010, it was confirmed earlier this week by Christine Lagarde, the economy minister for France.

By Gary Cooper

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