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• The rating agency said that it is cutting its views on the debt issued by 28 Spanish banks, including international heavyweights Banco Santander and Banco Bilbao Vizcaya Argentaria.
• The Spanish government's fragile finances are making it more difficult for that country to support its lenders, according to Moody's. And it says the banks are vulnerable to further losses from Spain's real-estate bust.
• The announcement late Monday from Moody's Investors Service came on the same day that Spain's government formally asked for help from its European neighbors in cleaning up its stricken banking sector. The request left many questions unanswered, including how much Spain would ask for out of the $125 billion loan package it has been offered.
• That uncertainty over Spain led to losses Monday in global stock markets. Bond investors, meanwhile, pushed Spain's borrowing costs higher, a sign of wilting confidence in the country's ability to support its banks.
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• OMAHA, Neb. (AP) -- Ryan Lochte won Round 1 of his showdown with Michael Phelps at the U.S. Olympic swimming trials. Phelps won't have to wait long for a second chance to take down his rival.
• They'll compete in the 200-meter freestyle preliminaries on Tuesday morning, with the 16 fastest qualifiers advancing to the evening semifinals. Lochte owns the upper hand in that event, having beaten Phelps at last year's world championships in Shanghai.
• Any butterflies two of the world's best swimmers may have felt going into the eight-day meet should be gone since both qualified for the London Games on the first night of the trials. Lochte became the first swimmer to make the U.S. team with his win over Phelps in the grueling 400 individual medley on Monday.
• "I can sit down and take a deep breath and relax," Lochte said. "I can just do what I love to do and have fun and just race."
• It was a three-man race between world champion Lochte, world record holder Phelps, and Tyler Clary, the fourth-fastest swimmer ever in the event. Each of them owned the lead at different points in the race -- Phelps in the butterfly, Clary in the backstroke and Lochte in the breaststroke.
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