Thursday, February 16, 2012

Royal Bank of Canada Threatened With Downgrade, Plus Citi, Bank of America, Goldman Sachs

This is indeed shocking. Moody's is placing under review the long-term ratings and credit assessments of the Royal Bank of Canada, in the good (bad?) company of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase,  Morgan Stanley.

All except JPMorgan Chase and are having some or all short-term ratings reviewed.

Moodys said actions reflect "the adverse and prolonged impact of the eurozone crisis, which makes the operating environment very difficult for European banks"  and "the deteriorating creditworthiness" of eurozone countries.

The agency added that banks and securities firms "with significant capital market activities" face "longer-term, substantial challenges."

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