Goldman Sachs Group Inc., UBS AG and Deutsche Bank AG are among 12 financial companies whose ratings or outlooks were cut by Standard & Poor’s, which cited increased risks for the whole banking industry.
“The downgrades and revised outlooks reflect our view of the significant pressure on large complex financial institutions’ future performance due to increasing bank industry risk and the deepening global economic slowdown,” S&P said in a statement.
Bank New Rating Prior Rating
Bank of America N.A. AA-/Negative/A-1+ AA/Watch Neg/A-1+
Barclays Bank PLC AA-/Negative/A-1+ AA/Watch Neg/A-1+
Citibank N.A. New York A+/Stable/A-1 AA/Watch Neg/A-1+
Credit Suisse A+/Stable/A-1 AA-/Watch Neg/A-1+
Deutsche Bank AG A+/Stable/A-1 AA-/Negative/A-1+
Goldman Sachs Group Inc.* A/Negative/A-1 AA-/Negative/A-1+
HSBC Bank PLC AA/Negative/A-1+ AA/Stable/A-1+
JPMorgan Chase Bank N.A. AA-/Negative/A-1+ AA/Negative/A-1+
Morgan Stanley Bank, N.A. A/Negative/A-1 AA-/Negative/A-1+
Royal Bank of Scotland Plc A+/Stable/A-1 AA-/Stable/A-1+
UBS AG A+/Stable/A-1 AA-/Watch Neg/A-1+
Wells Fargo Bank N.A. AA+/Negative/A-1+ AAA/Watch Neg/A-1+
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