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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.
Of the 15 firms downgraded this afternoon, none were hit more than Moody’s originally said was possible when it placed them on review in February.
The action will likely force many of the banks targeted post additional collateral against trades held on their books.
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:
Bank of America downgraded to Baa2 from Baa1
BNP Paribas downgraded to A2 from Aa3
Barclays downgraded to A3 from A1
Citigroup downgraded to Baa2 from A3
Credit Agricole downgraded to to A2 from Aa3
Goldman Sachs downgraded to A3 from A1
JP Morgan Chase downgraded to A2 from Aa3
Morgan Stanley downgraded to Baa1 from A2
RBC downgraded to Aa3 from Aa1
UBS downgraded to A2 from Aa3
Cut Three Notches:
Credit Suisse downgraded to (P)A2 from (P)Aa2
You can read the extensive article at : www businessinsider.com link to original article