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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
04/16/201413:56:20EUROPE MARKETS: European Stocks Stay Strong After Weak Inflation...
04/16/201411:05:15European Shares Rise on China Growth Data -- Update
04/16/201406:45:30Credit Suisse Profit Below Expectations
04/16/201401:40:10Credit Suisse First-Quarter Profit Falls
04/15/201417:02:39ADR Shares End Lower; Infosys, Diageo Shares Active
04/15/201414:20:39Credit Suisse Subpoenaed in Tax Evasion Probe
04/15/201413:53:34N.Y. Financial Regulator Sends Subpoena to Credit Suisse in Tax...
04/14/201412:11:05Credit Suisse 1Q Results -- Forecast
04/14/201406:02:24CapitaLand to Privative Mall Unit
04/10/201412:25:40Zurich Stocks See Gains
04/07/201417:52:38ADR Shares End Mixed; Rio Tinto Shares Active
04/04/201411:09:59Swiss Banks Take Brunt of U.K. Brain Drain
04/03/201417:12:35ADR Shares End Lower; Vodafone Shares Active
04/02/201417:40:44Barclays Adviser Joins RBC Wealth Management's International...
03/31/201404:30:12Swiss Competition Body Opens Forex Probe
03/31/201403:15:13Swiss Competition Body Opens Probe into Forex Manipulation
03/30/201416:41:14RBS Close to Naming Credit Suisse Banker as New CFO
03/28/201413:32:37France's Ceva Spearheads Riskier Loan Trend -- Update
03/21/201416:23:33Credit Suisse Settles Mortgage Litigation for $885 Million...
03/21/201415:10:44Credit Suisse Settles Mortgage Litigation

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