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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 Credit Suisse Grp. (CS)
DateTimeHeadline
02/11/201617:13:00Middle-East Investors Unlikely to Play White Knight Again for...
02/11/201606:30:00Banking Stocks Pummeled in Europe
02/10/201614:05:00Credit Suisse CEO Cites Bright Spots in Earnings Report
02/10/201612:45:00AXA Urges Educators to Plan for a Retirement of At Least 25 Years
02/10/201612:00:00Commodities Decreased in January as Fundamental Factors Continued...
02/09/201608:45:00Credit Suisse Announces Launch of the "OIIL" ETN Providing Exposure...
02/08/201613:10:00Clearinghouse Declares German Bank Maple in Default
02/07/201620:30:00Credit Suisse CEO Asks Board to Cut His Bonus After Weak Results
02/07/201615:16:00Credit Suisse CEO Asks Board to Cut His Bonus
02/05/201608:42:00Why European Banks Keep Getting Clobbered
02/05/201603:03:00For Credit Suisse, A Big Loss Stings
02/04/201621:00:00Julius Baer to Pay $547 Million Under Guilty Plea in U.S. Tax...
02/04/201619:19:00Credit Suisse Pays Price for 16-Year-Old Misstep
02/04/201612:55:00Credit Suisse Shares Plunge on Huge Loss -- 4th Update
02/04/201609:07:00Credit Suisse Announces Coupon Payments and Expected Coupon Payments...
02/04/201604:50:00Global Stocks Rise Led by Resources Companies
02/03/201600:30:00Dow Plunges as Investors Retreat
02/02/201610:46:00Credit Suisse Liquid Alternative Beta ("LAB") Index Down 1.42...
02/01/201619:33:00Dark Pool' Settlements Bring Tangled Relationships to Light
02/01/201618:16:00ADRs End Mostly Lower; Nokia Declines

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