- Bank of America downgraded to Baa2 from Baa1
UPDATE:
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
More @ Business Insider
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