S&P downgrades 15 major global banks

30 November 2011

A number of major banks across the world have had their credit scores downgraded by Standard & Poor's (SP), it emerged today (30 November).

The leading rating agency has announced its decision to cut figures attached to 15 household names in the financial industry as the effects of the global economic downturn and eurozone debt crisis remain prevalent.

During the organisation's review of 37 large companies' performances in recent times, it was decided that a significant proportion needed to be put down, with the majority of these lenders being based in either the US or Europe.

For instance, Morgan Stanley, JP Morgan Chase and the Bank of America were all subject to cuts in the US, while HSBC, the Royal Bank of Scotland and UBS were reduced in Europe.

This comes after Moody's stated earlier this week it is considering cutting the debt ratings of several lenders on the continent.

By Claire Archer

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development