Yes, it is definitely happening and it looks comprehensive.
The FT’s Madrid correspondent, former Alphavillan Miles Johnson writes…
Moody’s is preparing a sweeping downgrade of the Spanish sector likely to be announced as early as tonight, several lenders told the FT.
It was not clear which specific banks would suffer, but was thought to include at least the majority of the country’s larger banks.
Spain denies bank run reports – FT.com
Spain Banks Face Moody’s Downgrades as Bankia Denies Deposit Run — Bloomberg