Moody’s Investor Service said Tuesday it has downgraded the credit ratings of five Spanish regions.

The U.S. ratings agency cut the debt ratings of Catalonia by two levels to Ba3 and also cut the ratings of Andalucia, Extremadura, Castilla-LaMancha and Murcia.

Moody’s cited the region’s “deterioration in their liquidity positions, as evidenced by their very limited cash reserves.”