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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
04/17/201506:41:52Oil Prices Fall as Supply Glut Concerns Persist
04/17/201506:03:35Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
04/17/201506:03:35Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
04/17/201506:03:35Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
04/17/201506:03:35Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
04/16/201522:13:43Bank of Americaâs First-Quarter Earnings Were Better, but Still F...
04/16/201516:44:54Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
04/16/201516:30:00Bank of America Declares Quarterly Stock Dividends
04/16/201515:45:20Citigroup's Earnings Improve, Top Estimates -- 5th Update
04/16/201515:24:25Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
04/16/201514:09:10Citigroup's Earnings Improve, Top Estimates -- 4th Update
04/16/201512:33:46Citigroup's Earnings Improve, Top Estimates -- 3rd Update
04/16/201511:30:07Party City Shares Up in Early Trading
04/16/201511:12:33Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
04/16/201511:04:26Party City Shares Rise 21% in Early Trading
04/16/201510:16:05Bank of America Price Target Cut to $18.00 by Analysts at BMO...
04/16/201510:13:52Citigroup's Earnings Improve, Top Estimates -- 2nd Update
04/16/201510:07:36Bank of America Price Target Cut to $19.00 by Analysts at Barclays...
04/16/201509:59:45Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
04/16/201509:00:00Bank of America Merrill Lynch Study Finds Employers Offering...

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