Moody's Investors Service on late Thursday downgraded the ratings of 15 banks and securities firms with global capital markets operations. The long-term senior debt ratings of 4 of those firms were downgraded by 1 notch, the ratings of 10 firms were downgraded by 2 notches and 1 firm was downgraded by 3 notches.
"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities", says Moody's Global Banking Managing Director Greg Bauer.
Moody's downgraded Bank of America Corp.'s (BAC) long-term senior unsecured debt to Baa2 from Baa1, with negative outlook.
Citigroup Inc.'s © long-term senior debt rating was downgraded to Baa2 from A3, with negative outlook.
The rating agency lowered the rating on Goldman Sachs Group, Inc.'s (GS) long-term senior unsecured debt to A3 from A1, with negative outlook.
Morgan Stanley's (MS) long-term senior unsecured debt was downgraded to Baa1 from A2, with negative outlook.
Moody's lowered JPMorgan Chase & Co.'s (JPM) long-term senior debt rating to A2 from Aa3, with negative outlook.
The other firms affected by today's action include Barclays plc, HSBC Holdings plc, Royal Bank of Scotland Group plc, BNP Paribas and Credit Suisse Group AG.
Thursday's rating actions conclude the review initiated on February 15 when Moody's announced a ratings review prompted by its reassessment of the volatility and risks that creditors of firms with global capital markets operations face.
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