Friday, June 22, 2012

Massive bank downgrad

Ratings agency Moody's downgraded the long-term credit ratings of 15 major U.S., Canadian, and European banks today after markets in New York closed

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Below, a summary of the major ratings action taken.
Cut One Notch:
  • HSBC downgraded to Aa3 from Aa2
  • Lloyds TSB downgraded to A2 from A1
  • RBS downgraded to Baa1 from A3
  • Societe Generale downgraded to A2 from A1
Cut Two Notches:
Cut Three Notches:
In February, Moody's also placed Nomura and Macquarie credit ratings on watch for downgrade. However, the agency took action before today, lowering Nomura and Macquarie by one level each, to Baa3 and A2, respectively.

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