S&P and Fitch downgrade ratings on Spanish financial institutions February 13, 2012, 3:28 p.m. New York - Standard & Poor's Ratings Services and Fitch Ratings downgraded their ratings on Spanish financial institutions Monday after both companies had previously cut their ratings on that nation's government debt. Fitch said it cut the ratings because Spain's credit downgrade last month will weaken the government's ability to help big banks if they get into trouble. That makes those banks' debt more risky. A weak real estate market and economy will also depress the values of assets held by the banks, the company said. Fitch painted a gloomy picture of Spain's economy, which is likely to drag down the banks' profitability. Fitch said it expects no growth in Spain's gross domestic product this year and 1% growth in 2013. The unemployment rate will remain around 23%, and the real estate market will be "a long-term cause for concern," Fitch said. Although the Spanish government might have been weakened by the downgrade, Fitch said it is still confident that Spain will try to support the banks if they get into trouble. Standard & Poor's didn't elaborate as much on Spain's economy or its downgrade of the government's debt. But it said banks were rated in part because of an "anchor" rating that measures how well they can do within Spain's economy. Standard & Poor's cut its ratings on 15 financial institutions, while Fitch downgraded four major banks.