ADR Report-Spanish shares fall after rating cut

(Adds details, updates prices)

By Caroline Valetkevitch

NEW YORK, April 28 (BestGrowthStock) – U.S.-listed shares of
Spanish companies slid on Wednesday as a Standard & Poor’s
downgrade of Spain’s credit rating added fuel to worries about
sovereign debt.

Shares of Spanish energy company Repsol (REP.N: ) fell 1.8
percent to $22.57 in New York, while shares of Santander bank
(STD.N: ) were down 0.4 percent at $11.99.

The i-Shares MSCI Spain ETF (EWP.P: ) declined 1.9 percent.

The Bank of New York Mellon index of leading American
Depositary Receipts (ADRs) (.BKADR: ) was down 0.05 percent
while the U.S. benchmark S&P 500 index (.SPX: ) was up 0.7
percent.

News of the downgrade, which brought Spain’s long-term
rating down by one notch to AA, shook financial markets a day
after S&P cut Greece’s debt to junk status and also slashed its
debt rating on Portugal. For details, see [ID:nLDE63R2J0]

U.S. stocks (Read more about the stock market today. ) were down following Spain’s downgrade, but
recovered later. A Federal Reserve statement promising that
interest rates would remain low for an extended period helped
stocks retrace some ground.

Shares of National Bank of Greece (NBG.N: ), which fell
sharply on Tuesday, were up 14.6 percent at $2.98 on Wednesday,
as Greece’s securities regulator said it had banned
short-selling in Greek shares until June 28.

The Bank of New York Mellon index of leading Asian ADRs
(.BKAS: ) was down 0.03 percent.

Shares of Nomura Securites (NMR.N: ) slipped 0.4 percent to
$6.91 after it posted a profit that was in line with market
forecasts. [ID:nTOE63Q065]

The Bank of New York Mellon index of leading European ADRs
(.BKEUR: ) was down 0.2 percent, while its index of leading Latin
American ADRs (.BKLA: ) was up 0.9 percent.

Stock Market Today

(Editing by Leslie Adler)

ADR Report-Spanish shares fall after rating cut