The Ratings agency Moody's has down graded 16 Spanish banks as concern grows over the Euro zone financial crisis, a further blow to a country that is struggling to deal with the bad debts of its banking sector. It also cut the debt rating on Santander UK, a subsidiary of the Spanish banking giant. It comes after shares in struggling lender Bankia fell another 14 per cent.They have almost halved in value this month. Fears about losses at Spanish banks has hit shares across Europe.