Standard & Poor's cut its credit ratings for 11 Spanish banks, including Banco Santander SA and Banco Bilbao Vizcaya Argentaria SA, citing "potentially negative implications" from the nation's downgrade last week. S&P said it may also downgrade six other lenders. Santander, Spain's biggest bank, had its long-term debt rating cut by two levels to A- from A+, and BBVA, the second-largest, had its rating cut to BBB+ from A, the ratings company said in a statement today. The outlook for those ratings is negative. Spain's economy shrank 0.3 percent in the first quarter from the fourth quarter, the National Statistics Institute said today. Spain's sovereign rating was cut on April 26 for the second time this year by S&P, which cited concern that the country will have to provide further fiscal support to banks as the economy contracts.