Moody

Posted by on Feb 16, 2012 in Top Stories

New York, February 16 (FinanceEnquiry.com) – Moody’s Investor Service is likely to cut the credit ratings of UBS AG (NYSE: UBS), Morgan Stanley (NYSE: MS) and Credit Suisse Group AG (NYSE: CS) by as many as three notches. The ratings agency is reviewing 17 banks and securities firms with global capital markets operations. Moody’s said in a statement that companies that face downgrading by two levels include Goldman Sachs Group Inc. (NYSE: GS), JPMorgan Chase & Co. (NYSE: JPM), Deutsche Bank AG (NYSE: DB) and Citigroup Inc. However, the agency said that the guidance is only indicative. The ratings of some European insurers were cut by Moody’s today, due to risks arising out of the euro zone sovereign debt crisis.

Borrowing costs would rise as a result of the potential downgrades and banks would need to increase collateral. This will position the ratings agency at odds with bond investors who are betting that financial firms will become safer in the long run due to the new capital rules and trading limits. Banks are facing higher funding costs globally, due to the market turmoil caused by the debt problems of Greece. Moody’s said that other banks that might be downgraded by two levels include Barclays Plc, Credit Agricole SA, Royal Bank of Canada, BNP Paribas SA, HSBC Holdings Plc and Macquarie Group Ltd. The banks that might be downgraded by one level include Bank of America Corp., Royal Bank of Scotland Group Plc, Nomura Holdings Inc. and Societe Generale SA.
 
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