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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
06/28/201603:02:00Bank Stocks Lead a Global Selloff -- WSJ
06/27/201618:31:00ADRs End Lower; Financial Firms Decline
06/27/201610:15:00Swiss Banks' Shares Slide Further After 'Brexit' Vote
06/27/201608:00:00Bank Shares Drop as Analysts Weigh 'Brexit' Impact
06/26/201617:02:00New Risks for European Lenders
06/24/201618:00:00Medpace Files for IPO
06/24/201614:50:00European Banks Take Beating After 'Brexit' Vote -- Update
06/24/201609:09:00European Banks Take Beating After 'Brexit' Vote -- 2nd Update
06/24/201605:20:00European Banks Take Beating After 'Brexit' Vote
06/23/201603:02:00Swiss Bank's Israel Unit Examined -- WSJ
06/22/201617:53:00ADRs End Mixed; GOL Rises
06/22/201614:30:00U.S. Probes Credit Suisse Over Possible Client Tax Evasion at...
06/22/201613:54:00U.S. Investigates Credit Suisse Over Possible Client Tax Evasion...
06/16/201611:00:00Swiss National Bank Tells UBS and Credit Suisse to Bulk Up
06/16/201610:39:00Swiss National Bank Tells UBS and Credit Suisse to Bulk Up
06/16/201609:21:00AXA is a Proud Gold Sponsor of the 2016 New York City Pride Festival
06/15/201608:00:00Watch List for Foreign Money Center Banks Equities -- Banco Santander...
06/14/201621:50:00MSCI Says Saudi Stock Market Needs Easier Access for Foreigners
06/14/201614:40:00Retail Strength Gives Fed Some Clarity on Growth Outlook
06/14/201609:39:00AXA Refines Long-Term Care Rider Offering To Align with Needs...

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