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Moody's Downgrades Major Global Banks -2-

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 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. In its statement, Citi said it was "especially surprised by Moody's disproportionately adverse treatment of U.S. firms relative to banks in Europe...Citi believes that the U.S. financial system is stronger, not weaker, than it was before the crisis. Actions by legislators, regulators and firms themselves have substantially enhanced the stability, and resilience, of the system. Moody's actions ignore this fact." HSBC, Barclays and Deutsche Bank declined to comment. --Andrew R. Johnson, Matthias Rieker, Brett Philbin, Liz Moyer, Ben Fox Rubin, Nathalie Tadena, Max Colchester and Laura Stevens contributed to this article. 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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