Moody’s cautions on possible ratings cuts for 17 banks
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Moody’s has warned it may cut the credit ratings of 17 banks and financial services companies.
The credit ratings agency said it may cut the rating of Morgan Stanley, Credit Suisse and UBS by up to three notches, citing the fact that the banks’ current ratings did not reflect the challenges they were facing in the market.
Those facing a cut of up to two-notches include Barclays, BNP Paribas, Credit Agricole, Deutsche Bank, HSBC Holdings, and Goldman Sachs.
Nine of the 17 banks being threatened with the downgrade are based in Europe.
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