More Videos
- Abu Dhabi Will Aid Debt-Fraught Dubai 'Case by Case'
- Banks With The Biggest Exposure to The UAE
- Dubai's Debt Woes Signal New Era for Creditors
- Next Week: Cash In Now Or Wait For A Santa Rally?
- Dubai Stock Selloff May Bring Buying Opportunity
- Longer Lines, Fuller Carts This Black Friday
- Big US Banks May Be Forced to Raise Capital: Bove
- Bank of America Amends Pay for Senior Executives
- Tiger Woods Out of Hospital After Accident
- U.S. Stocks Fall on Dubai Worries
- Black Friday at Best Buy
- Strategists on Dubai: Avoid 'Rash Moves' Now
- Longer Lines, Fuller Carts This Black Friday
- Dubai Stock Market Fear Has 'Legs': Dennis Gartman
- Obama's Emission Reduction Pledge Paints Future for Autos
- Is Super Bowl Halftime Act Too Old?
- Surprising Options Trades in TiVo Shares
- EA Sports Hopes to Pump Up Sales Through Pop-Up Locations
Text Size 
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 |
| Bank | New Rating | Old Rating |
| Bank of America | AA-/Negative/A-1 | AA/Watch Neg/A-1 |
| Barclays Bank | AA-/Negative/A-1 | AA/Watch Neg/A-1 |
| Citibank | A+/Stable/A-1 | AA/Watch Neg/A-1 |
| Credit Suisse | A+/Stable/A-1 | AA-/Watch Neg/A-1 |
| Deutsche Bank | A+/Stable/A-1 | AA-/Negative/A-1 |
| Goldman Sachs | A/Negative/A-1 | AA-/Negative/A-1 |
| HSBC | AA/Negative/A-1 | AA/Stable/A-1 |
| JPMorgan Chase | AA-/Negative/A-1 | AA/Negative/A-1 |
| Morgan Stanley | A/Negative/A-1 | AA-/Negative/A-1 |
| Royal Bank of Scotland | A+/Stable/A-1 | AA-/Stable/A-1 |
| UBS | A+/Stable/A-1 | AA-/Watch Neg/A-1 |
| Wells Fargo | AA+/Negative/A-1 | AAA/Watch Neg/A-1 |
Source: Standard & Poor's |
Print
Email
- These four sectors will be the next to lead the market.
- Zhu Zhu Pets are this year's must-have toy, fetching $40 or more on eBay.
- From the why-didn’t-I-think-of-that file, we present Jason Sadler, a man whose job is wearing T-shirts.
- It may be the most unusual guide to business you'll read.
- Shopping for a gadget hound? The choices can be baffling. Here are a few that should be a hit.
- "The Who" will be the halftime act for Super Bowl XLIV on Feb. 7 in Miami. Is the NFL behind the times?
Data is a real-time snapshot *Data is delayed at least 15 minutes