S&P reduces credit ratings of big US/EU banks following overhaul of criteria

Standard & Poor’s reduced on Tuesday its credit ratings on several big banks in the United States and Europe as the result of a sweeping overhaul of its ratings criteria.

JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N), Citigroup Inc (C.N), Wells Fargo & Co (WFC.N), Goldman Sachs Group Inc (GS.N), Morgan Stanley (MS.N), Barclays Plc (BARC.L), HSBC Holdings Plc (HSBA.L) and UBS AG (UBSN.VX), had their ratings reduced by one notch each. A notch is one third of a letter rating.

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.

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About Giorgio Bertini

Director at Learning Change Project - Research on society, culture, art, neuroscience, cognition, critical thinking, intelligence, creativity, autopoiesis, self-organization, rhizomes, complexity, systems, networks, leadership, sustainability, thinkers, futures ++
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