S&P downgrades biggest US banks' ratings

demongerbil

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http://blogs.wsj.com/marketbeat/2011/11/29/sp-downgrades-bank-of-america-morgan-stanley/

Not totally unexpected, but still a huge deal.

BofA, Citigroup, Morgan Stanley, Goldman Sachs, Wells Fargo, J.P. Morgan, Bank of New York Mellon were hit.

The Bank of China got cut to A from A-. Industrial and Commercial Bank of China was left alone.

They also hit several UK banks ? Barclays, HSBC, Lloyds, RBS.

Notably, they left alone several European banks ? Deutsche Bank, Credit Suisse, ING, BNP Paribas, Credit Agricole, Societe Generale, Commerzbank.

They cut UBS, however, to A from A+.

All of the downgrades were one notch, as near as I can tell.

Bank of America, Citi, Goldman Sachs and Morgan Stanley got cut to A- from A.

Barclays and J.P. Morgan were cut to A from A+.

Wells Fargo, BNY Mellon and HSBC were cut to A+ from AA-.
 
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