Thursday, June 21, 2012
(Reuters) – Moody’s Investors Service cut the credit ratings of 15 of the world’s biggest banks on Thursday in an expected move that was part of a broad review of major financial institutions.
Moody’s announced the review on February 15, saying these global investment banks’ ratings did not capture the evolving challenges of more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions.
“All of the banks affected by today’s actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities,” Moody’s Global Banking Managing Director Greg Bauer said in a statement.
Among the moves, Moody’s cut JPMorgan’s long-term senior to A2 from Aa3 and assigned it a negative outlook.
This article was posted: Thursday, June 21, 2012 at 2:59 pm