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By: CNBC.com | 19 Dec 2008 | 02:51 PM ET
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Standard & Poor's lowered the credit ratings and outlooks for 12 major U.S. and European banks Friday, including Goldman Sachs and Bank of America, citing increasing industry risk and a deepening economic slowdown.

"We are raising our overall assessment of bank industry risk and believe there will be more volatility in funding markets," S&P said in a statement.

The major independent investment banks' business model has more risk due to more volatility in the funding markets, their reliance on short-term wholesale funding and confidence sensitivity, the rating agency said in a statement.

"The rating actions on GS also reflect our view that the cyclical downturn in GS's core investment banking, trading, and asset-management businesses could well be far more pronounced and extended than we had previously assumed," Standard & Poor's credit analyst Scott Sprinzen said in a press release.

  Major Banks' S&P Ratings
BankNew RatingOld Rating
Bank of AmericaAA-/Negative/A-1AA/Watch Neg/A-1
Barclays BankAA-/Negative/A-1AA/Watch Neg/A-1
CitibankA+/Stable/A-1AA/Watch Neg/A-1
Credit SuisseA+/Stable/A-1AA-/Watch Neg/A-1
Deutsche BankA+/Stable/A-1AA-/Negative/A-1
Goldman SachsA/Negative/A-1AA-/Negative/A-1
HSBCAA/Negative/A-1AA/Stable/A-1
JPMorgan ChaseAA-/Negative/A-1AA/Negative/A-1
Morgan StanleyA/Negative/A-1AA-/Negative/A-1
Royal Bank of ScotlandA+/Stable/A-1AA-/Stable/A-1
UBSA+/Stable/A-1AA-/Watch Neg/A-1
Wells FargoAA+/Negative/A-1AAA/Watch Neg/A-1

Source: Standard & Poor's

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