S&P Cuts Credit Ratings on Several Large Banks

[Javaman]

http://www.cnbc.com/id/45482560

Standard & Poor's reduced its credit ratings on 15 big banking companies, mostly in the Europe and United States, on Tuesday as the result of a sweeping overhaul of its ratings criteria.

JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs Group, Morgan Stanley, Barclays, HSBC Holdings and UBS, were among the banks that had their ratings reduced by one notch each. A notch is one third of a letter rating.

S&P also left the ratings of 20 banks as they were and raised the ratings of two in announcing results from its new ratings criteria to 37 of the world's biggest banking companies. The agency also updated ratings for dozens of bank subsidiaries of the companies.

Although S&P began warning the markets more than a year ago that it was revising its ratings, the announcement comes at a time when the markets for bank debts are fragile.

more at link...

[ananda]

1. I'm so glad to be out of Chase.

Credit Union forever!

[doc03]

2. I guess they are not considered to big to fail now under

Dodd/Frank.

[meow2u3]

3. I'm so happy to be out of Wells Fargo

Thank God I moved my money to the local credit union. I would have been broke from hidden fees if I stayed with them.