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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
12/19/201419:35:11Whistleblowers Score a Big Payday -- Update
12/19/201416:11:11Third Whistleblower to Collect Reward Related to Bank of America...
12/18/201423:16:12How a Memo Cost Big Banks $37 Billion
12/17/201418:44:30BofA Whistleblower to Get Nearly $58 Million--Filing
12/16/201420:03:20Earnings Outlook Poor for Banks as Jefferies Swings to Loss...
12/16/201418:56:11Earnings Outlook Poor for Banks as Jefferies Swings to Loss...
12/16/201415:39:33Bank of America Names DeMare, Mensah to Lead Global FICC Trading...
12/16/201413:55:38Bank of America Names DeMare, Mensah Co-Heads of Global FICC...
12/16/201413:35:35Earnings Outlook Poor for Banks as Jefferies Swings to Loss...
12/11/201412:15:33Finra Fines 10 Firms Over Coverage Of Toys 'R' Us IPO -- 3rd...
12/11/201411:58:30Finra Fines 10 Firms Over Coverage Of Toys 'R' Us IPO -- 2nd...
12/09/201418:38:47Bank of America, Citi Give Weak Outlooks for Trading Revenue...
12/09/201416:00:33Bank of America, Citi Give Weak Outlooks for Trading Revenue...
12/09/201415:53:24Bank of America Gives Weak Outlook for Trading Revenue
12/09/201402:08:06CLSA Taps Andrew Low as International Investment Banking Head
12/08/201419:07:23Merrill Recruits Advisers From UBS, Citi -- Street Moves
12/04/201408:40:33TD Bank Profit Rises 8% but Misses Views
12/01/201422:40:17Bank-Backed Firm Buys Chat Service
11/25/201419:20:15SEC Grants Bank of America Short-Term Waiver from Hedge-Fund...
11/23/201415:15:36Faith-Based Shareholders Prepare Day of Reckoning for Bank of...

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