Friday, October 14, 2011

Multiple Banks Downgraded By Fitch and S&P; GS and MS Put On Negative Watch

It's a festival of downgrades today. Fitch ratings agency has cut three European banks' credit ratings and put another seven international financial institutions on the negative watch list.
UBS was downgraded UBS from A+ to A. Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc from AA- to A..

Germany's Landesbank was cut one notch to A+ from AA-.

Seven international institutions were placed on negative watch: Goldman Sachs Group Inc. and Morgan Stanley,  Deutsche Bank AG, Credit Suisse AG, BNP Paribas SA, Societe Generale SA and Barclays Plc., due to European debt concerns.

Fitch said it will make a decision on possible ratings downgrades of the seven institutions "within a short time frame and take corresponding rating actions where warranted".

In addition, Standard & Poor’s cut Spain’s credit rating for the third time in three years as "slowing growth and rising defaults threaten banks and undermine efforts to contain Europe’s sovereign-debt crisis".

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