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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
07/30/201410:26:09Charterhouse Selects Banks for Armacell IPO -Reuters
07/29/201421:35:34General Electric's Finance Arm Bulks Up in Canada--Plots & Ploys
07/29/201418:06:25Bank of America Continues to Slash Loans in Russia
07/24/201412:10:09BofA to Pay $16.6 Million to Settle Alleged Sanctions Violations
07/24/201411:22:08BofA to Pay $16.6 Million to Settle Alleged Sanctions Violations...
07/22/201413:13:16Credit Suisse to Exit Commodities Trading
07/18/201418:44:35Rise in Fee-Based Business Helps Boost Broker Productivity
07/17/201401:36:37MARKET SNAPSHOT: Dow Hits Intraday Record; Apple, IBM Drive Gains
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07/16/201421:16:22U.S. Hot Stocks: Hot Stocks to Watch
07/14/201420:06:32Citigroup Reaches $7 Billion Pact to Resolve Mortgage Probe...
07/14/201414:32:46Citi in $7 Billion Pact to Resolve Mortgage Probe -- 2nd Update
07/13/201406:18:25MARKET SNAPSHOT: Tech, Bank Earnings To Test Economic Recovery
07/10/201418:45:11A Difficult Quarter Again Seen for Banks
07/10/201417:42:36Morgan Stanley Recruits Brokers From Wells Fargo, Merrill --Street...
07/03/201407:55:53Paramount Group Said Considering Up to $15 Billion Real Estate...
06/26/201416:50:34Trustees Ask for Extension on Citigroup's $1.13 Billion Mortgage...
06/25/201417:11:13BofA Lays Off 540 Employees in N.C. Mortgage Division -Report
06/24/201418:21:46Aetna Looking to Shed Some Coventry Assets -Reuters

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