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NEW YORK (MarketWatch) — Moody’s Investors Service on Thursday lowered the stand-alone financial-strength ratings or the standalone credit assessments of six Mexican banks by one to two notches. Ratings of Banco Nacional de Mexico, Banco Santander (Mexico), and BBVA Bancomer were cut to the level of Mexico’s Baa1 sovereign debt rating. The move reflects Moody’s view that the banks’ creditworthiness is strongly correlated with the credit strength of the Mexican [...]
From Expansion (google translated)
“After cutting the rating of Baa3 and Spain to threaten to put Spanish debt at the level of junk bond no later than 30 days, has reviewed the notes of all banks. “We have reported a reduction of two or three notches (steps) to almost everyone. Do not look at individual financial statements of each entity. Do not discriminate, “added the sources.
And is that the sector is particularly annoying because [...]
NEW YORK (AP) — Moody’s Investors Service has lowered the ratings of some of the world’s largest banks, including Bank of America, JPMorgan Chase, Citigroup and Goldman Sachs.
The ratings agency said late Thursday that the banks were downgraded because their long-term prospects for profitability and growth are shrinking.
Source: AP
Below, a summary of the major ratings action taken.
Cut One Notch:
HSBC downgraded to Aa3 from Aa2
Lloyds TSB downgraded to A2 from A1
RBS [...]
Even as Moody is now about a week late on its Spanish bank downgrade where the banks are rated higher than the sovereign (which obviously is kept in check to prevent yields on bonds from soaring even more), here comes the next wholesale bank downgrade:
Moody’s expected to announce ratings downgrade for UK banks this evening - Sky Sources
Exclusive: Big news – I’m told Moody’s will announce downgrades of some of world’s biggest [...]
Chancellor Angela Merkel rebuffed pressure on Thursday for Germany, Europe’s most powerful economy, to underwrite debt or guarantee bank deposits in the euro zone as Spain’s soaring borrowing costs raised new alarm.
Spain’s 10-year bond yield hit a euro lifetime high of 7 percent – a staging post above which Greece, Ireland and Portugal were driven to seek international rescues – despite last weekend’s euro zone agreement to lend Madrid up to 100 [...]
And now the collateral squeeze is on, unless of course the ECB changes the reules one more time.
Full Moody’s statement.
Moody’s downgrades Spain’s government bond rating to Baa3 from A3, on review for further downgrade
London, 13 June 2012 – Moody’s Investors Service has today downgraded Spain’s government bond rating to Baa3 from A3, and has also placed it on review for possible further downgrade. Moody’s expects to conclude the review within a maximum [...]
This, from SocGen’s Michala Marcussen is basically the definition of conventional wisdom in this post-Spain-bailout-environment:
Our strategists expect a sign of relief to shape markets Monday morning in Europe, but fear it could prove short-lived. This would confirm the by now all too well known pattern of denial from policymakers, pressure from markets, a patch from policymakers, relief rally by markets … declaration of the “worst is behind” from policymakers … only to [...]
Reuters
Spain is expected to request European aid for its ailing banks at the weekend to forestall worsening market turmoil, becoming the fourth and biggest country to seek assistance since the euro zone’s debt crisis began, EU and German sources said.
Two senior EU officials said finance ministers of the 17-nation single currency area would hold a conference call on Saturday to discuss a Spanish request for an aid package, although no [...]
pain’s credit rating has been downgraded as estimates on the size of the bailout it needs begin to mount up.
Fitch cut its rating on Spanish government debt by three notches to “BBB”, a sign it thinks Spain’s ability to honour its debts has weakened.
Earlier, there was strong demand for Spanish bonds at an auction on Thursday, seen as a key test of the country’s ability to raise funds.
However, it did [...]
Britain’s largest lenders and some of the world’s biggest investment banks are facing a major increase in their funding costs as one of the main credit agencies prepares to cut their ratings.
British banks, including Barclays, HSBC and Royal Bank of Scotland, are this month expected to have their ratings cut by as much as two notches as part of a worldwide review by Moody’s of bank credits.
The cuts will potentially [...]
Last time we looked at Denmark it it was in the context of Luxor Capital which had some very ugly things to say about the Scandinavian country in “Rotten Contagion To Make Landfall In Denmark: CDS Set To Soar As Hedge Funds Target Country.” Now, 6 months later, Moody’s has finally gotten the memo: “Moody’s Investors Service has today downgraded the ratings for nine Danish financial institutions and for one foreign [...]
S&P takes various rating actions on Spanish banks
Standard & Poor’s Ratings Services today said it has lowered its ratings on five Spain-based financial institutions, affirmed the ratings on nine, and maintained the ratings on five on CreditWatch with negative implications (see Ratings List).
We have also revised down our assessments of the stand-alone credit profiles (SACPs) of six financial institutions, with revisions ranging from one to three notches.
With the exception of [...]
Following the downgrade of 16 Spanish banks by Moody’s, the focus in the euro crisis is back on the banking sector. Greeks are withdrawing hundreds of millions from their accounts, with reports that the same is happening in Spain. Experts are calling on the European Central Bank to step in and prevent full-scale bank runs.
The final wake-up call came from Moody’s. On Thursday evening, the US rating agency downgraded 16 Spanish banks [...]
Moody’s Investors Service has today downgraded by one to three notches the long-term debt and deposit ratings for 16 Spanish banks and Santander UK PLC, a UK-domiciled subsidiary of Banco Santander (Spain) SA. The rating downgrades primarily reflect the concurrent downgrades of most of these banks’ standalone credit assessments, and in five cases also Moody’s assessment that the Spanish government’s ability to provide support to the banks has reduced.
Moody’s Investors [...]
Out of nowehere, JPM announced 40 minutes ago that it would hold an unscheduled 5pm call to coincide with the release of its 10-Q. Rumors were swirling as to why. The reason is as follows:
JPMORGAN SAYS CIO UNIT HAS SIGNIFICANT MARK-TO-MARKET LOSSES – “Fortress balance sheet” at least until Bruno Iskil gets done with it.
JPMORGAN SAYS LOSSES ARE IN SYNTHETIC CREDIT PORTFOLIO – but, but, net is NEVER, EVER Gross.
JPM WOULD NEED [...]
We haven’t been hearing a lot from Matt Taibbi lately because he’s on deadline.
But he took a break from his furious writing to comment on this week’s bank earnings and the impending Moody’s downgrade of a few of the major Street players — BofA, Morgan Stanley, Goldman and Citi.
We know that earlier this week, Black Rock’s Larry Fink said that if some of these banks were downgraded, his massive asset management firm would have to stop doing business with them [...]
How do you get a rating agency to have some mercy on your bank? Hopefully for Morgan Stanley, James Gorman has the answer to that question.
The FT reports that the Wall Street CEO has been in talks with Moody’s since earlier this year, trying to convince them not to downgrade his bank’s credit rating.
Here’s why the downgrade is such a big deal: As you know, Morgan Stanley shares ownership of Smith Barney with Citi. Morgan has a 51% [...]
Moody’s, the credit rating agency, has warned that it may cut the credit ratings of 17 banks and financial services firms that it is currently reviewing.
Moody’s said Morgan Stanley, UBS and Credit Suisse could see their credit ratings cut by up to three notches.
It said the banks’ existing credit ratings did not reflect the challenges that they were facing in the market.
Nine of the banks are based in Europe, [...]
“Moody’s believes that the government is likely to continue to provide some level of support to systemically important financial institutions, which continue to incorporate up to three notches of uplift.
However, it is more likely now to allow smaller institutions to fail if they become financially troubled,” Moody’s said in a statement.
In addition, Moody’s downgraded nine Portuguese banks on Friday, citing the increased risk linked to [...]
Telegraph.co.uk
Italy’s credit rating was cut by Moody’s for the first time in almost two decades on concern the government will struggle to reduce the region’s second-largest debt amid chronically weak growth. Here is the agency’s full statement.
‘The Italian economy continues to face significant challenges due to structural economic weaknesses’ Photo: Reuters
Moody’s Investors Service has today downgraded Italy’s government bond ratings [...]
1) Moody’s Warns Greek Default Virtually 100 Percent
“Moody’s downgraded Greece’s bond ratings by a further three notches Monday and warned that it is almost inevitable the country will be considered to be in default following last week’s new bailout package. The agency said the new EU package of measures implies “substantial” losses for private creditors. As a result, it cut its rating on Greece by [...]
By DEREK GATOPOULOS Associated Press
ATHENS, Greece July 25, 2011 (AP)
Moody’s downgraded Greece’s bond ratings by a further three notches Monday and warned that it is almost inevitable the country will be considered to be in default following last week’s new bailout package.
The agency said the new EU package of measures implies “substantial” losses for private creditors. As a result, it cut its rating on Greece by [...]
From RanSquawk:
Moody’s downgrade Greece’s sovereign rating by three notches, to Ca from Caa1, and warned that it is almost inevitable the country will be considered to be in default following last week’s new bailout package
US lawmakers have so far failed to come up with a concrete proposal to raise country’s debt ceiling and to manage US’s soaring debt, raising fears of a sovereign default
CHF and JPY [...]
Budget deficit on track to top $1 trillion
“The federal budget deficit is on pace to break the $1 trillion mark for the third straight year, ratcheting up the pressure on the White House and Congress to reach a deal to rein in spending.
The deficit totaled $971 billion for the first nine months of the budget year, the Treasury Department said Wednesday. Three years ago, that would [...]
Thanks again to zerohedge for catching this
S&P downgrades Greece on higher default risks
“Standard and Poor’s slashed its credit rating for Greece on Monday by three notches to CCC, saying there is a significantly higher probability of a default in the struggling eurozone member.
“The downgrade reflects our view that there is a significantly higher likelihood of one or more defaults, as defined by our criteria relating to full [...]
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