RATINGS agency Moody’s put more than 100 European financial firms on review for possible downgrades last night, in the wake of its mass downgrade of sovereign debt on Monday.
UK-based banks such as Barclays, HSBC and Royal Bank of Scotland are included in the review. Lloyds, which has been on review since November, is also featured.
It said “the adverse and prolonged impact of the euro area crisis” is one reason for the review, as well as “substantial challenges” in capital markets.GREECE/SPAIN/PORTUGAL/EURO CRISIS .... AND/OR ... A MEGA-ATTACK BY AL QAEDA/IRAN.
STAY TUNED...
UPDATE:
* Moody's says may cut 17 global financial institutions
* Cites tougher funding, regulatory and economic environment
* Rating agency puts 114 European institutions on watch
* Includes, BofA, Goldman, Citi, JP Morgan, Morgan Stanley.
* Barclays, BNP, Deutsche, HSBC, SocGen also included
Moody's warned on Thursday it may cut the credit ratings of 17 global and 114 European financial institutions in another sign that the impact of the euro zone government debt crisis is spreading throughout the global financial system.
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