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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
03/27/201513:15:10Two Ex-Credit Suisse Bankers Avoid Jail Time in Tax-Evasion Case
03/27/201508:00:00Credit Suisse Announces Coupon Payments on its Gold Shares Covered...
03/26/201511:06:18Is Blackstone Group About to Make a $1.5 Billion Deal?
03/24/201517:07:42Dollar Rebounds Against Euro -- 3rd Update
03/23/201520:08:25U.S. Firms Summon More of Their Foreign Profit Home
03/23/201508:58:24Bloomberg: Big changes mulled for China's securities industry
03/20/201504:44:12Credit Suisse Cuts CEO Brady Dougan's Pay -- Update
03/20/201503:23:44Credit Suisse Cuts CEO Brady Dougan's Pay
03/18/201506:31:53Wall Street Breakfast: Markets Await Fed Policy Decision
03/17/201508:38:13Credit Suisse settles Freeport McMoRan litigation for $16.25M
03/17/201500:31:36Tweet-Analysis Firm Dataminr Raises Funding
03/16/201517:26:57Credit Suisse to Pay $10 Million to Freeport-McMoRan to Settle...
03/16/201511:33:00The Credit Suisse Hedge Fund Index finished up 1.06% in February
03/11/201510:26:00February Sees Fundamental Factors Drive Commodity Markets Higher
03/11/201507:30:37New CEO merits a two-notch upgrade for Credit Suisse
03/10/201519:45:04For Thiam, No Shortage of Challenges at Credit Suisse
03/10/201518:09:12ADR Shares End Lower; Credit Suisse, Petrobras Shares Trade Actively
03/10/201517:48:34Goldman Sachs to Take Specialty Lender Public in 6 Million Share...
03/10/201513:58:50EUROPE MARKETS: European Stocks Slide As U.S. Rate-hike, Greece...
03/10/201513:53:16LONDON MARKETS: FTSE 100 Smacked Lower As Oil, Mining Shares...

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