Moody's downgrades three UK banks
Friday 22nd June 2012
Credit ratings agency Moody's has downgraded 15 banks and financial institutions, including the UK's Royal Bank of Scotland, Barclays and HSBC.
The downgrades are likely to make it harder and more expensive for the banks to borrow money, which would in turn affect how much they could lend on the high street and at what rates. This morning, politicians asked the banks not to use the downgrade, made because of the continuing Eurozone crisis, as an excuse to tighten their purse strings.
In the US, Bank of America, Citigroup, Goldman Sachs and JP Morgan are among those downgraded.
Other institutions that have been downgraded are Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley.
The BBC's Scotland business editor Douglas Fraser tweeted: "Cost of RBS downgrade by Moody's: having to post an estimated extra £9bn in collateral for its debts."
(0) Comments | Report Abuse
DISCLAIMER:The views contained in these user comments are not endorsed by Introducer Today(nor its associates and advertisers) in any way and are provided by users who wish to publish their independent opinions on our news.Whilst every effort is made to moderate these comments,due to the instant nature of the posting not all offensive material can be removed instantly.Please help us keep the comments areas tidy by reporting details of any infringements to email@example.com
Editorial Contact Details - Rosalind Renshaw