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Moody's Downgrades Major Global Banks

Moody's Investors Service downgraded a handful of banks and securities companies with global capital-market operations, as part of its broad review to account for sluggish economic conditions and tougher regulations. In Moody's rating actions, Bank of America Corp. (BAC) was cut one notch to Baa2 from Baa1; its outlook is negative. Citigroup Inc. (C) was cut two levels to Baa2 from A3; its outlook is negative. Goldman Sachs Group Inc. (GS) was downgraded two notches to A3 from A1; its outlook is negative. J.P. Morgan Chase & Co. (JPM) was cut two notches to A2 from Aa3; its outlook is negative. Morgan Stanley (MS) was cut two notches to Baa1 from A2; its outlook is negative. Moody's said the credit rating of Royal Bank of Scotland Group PLC (RBS, RBS.LN) was downgraded by one notch to Baa1 with a negative outlook. Barclays PLC (BCS, BARC.LN) was cut two notches to A3 with a negative outlook and HSBC Holdings PLC (HBC, HSBA.LN, 0005.HK) was downgraded one notch to Aa3 with a negative outlook. Moody's also cut its ratings on France's three largest listed banks. Moody's downgraded the long-term debt ratings of BNP Paribas SA (BNP.FR, BNPQY) and Credit Agricole SA (ACA.FR, CRARY) by two notches to A2. The two banks have negative outlooks. Societe Generale SA (GLE.FR, SCGLY) was downgraded by one notch to A2 with a stable outlook. Credit Suisse Group AG (CS, CSGN.VX) was downgraded by three notches to A1 with a stable outlook. Deutsche Bank AG (DB, DBK.XE) was downgraded by two notches to A2 with a stable outlook. Moody's lowered its ratings on UBS AG (UBS, UBSN.VX) by two notches to A2 with a stable outlook. Royal Bank of Canada (RY, RY.T) was downgraded by two notches to Aa3 with a stable outlook. Write to Ben Fox Rubin at ben.rubin@dowjones.com.

Stock News for Bank of America (BAC)
DateTimeHeadline
07/03/201512:02:03Bank of America Earnings: 3 Things to Watch
06/30/201516:48:16Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/30/201516:02:43Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/30/201515:50:22(25-NSE)
06/29/201517:30:12CFTC Targets Swaps Loophole
06/29/201517:14:32Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/29/201516:36:35Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/29/201516:05:22Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/29/201516:00:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/29/201515:30:09Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/29/201514:46:28Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/29/201514:44:02How Much Exposure Does Bank of America Have to Greece?
06/29/201511:49:54Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/29/201511:16:04Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/29/201510:00:00Perpetually Plugged In: America’s Smartphone Obsession Continues a...
06/29/201506:02:05Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
06/28/201510:05:02A Brief History of Bank of America in Crisis
06/26/201517:12:33Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/26/201515:50:31Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
06/26/201515:37:10Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

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