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What Do These 17 Global Financial Institutions Have in Common?
February 16, 2012
[ by Melanie Gretchen ]
1. Bank of America ... 2. Citigroup ... 3. Goldman Sachs ... 4. JPMorgan Chase ... 5. Morgan Stanley ... 6. Royal Bank of Canada ... 7. Barclays ... 8. BNP ... 9. Credit Agricole ... 10. Deutsche Bank ... 11. HSBC ... 12. Royal Bank of Scotland ... 13. Societe Generale ... 14. Credit Suisse ... 15. Macquarie ... 16. Nomura ... 17. UBS.
Answer: The common bond shared by these 17 commercial and investment banks is that each has been warned by Moody's Investors Service that they, along with 114 European institutions, had been put on a 'watch list' and may soon have their credit ratings cut.
Europe's Debt Crisis. In another indication that the effect of the euro zone government debt crisis is still rippling, Moody's cited more fragile funding conditions, increased regulatory burdens and a tougher economic environment for its review of banks and securities firms with global reach, extending to 16 European nations and deteriorating creditworthiness of its governments.
To date, rounds of downgrades in European sovereign ratings have echoed across the pond as the euro zone's struggle to keep its weakest link Greece afloat has been driving up borrowing costs and straining finances of other nations. Last week, Moody's cut the ratings of 6 European nations including Italy, Spain, and Portugal and warned it could strip France, Britain, and Austria of their top-level AAA grade. Last month, S&P's cut France's and Austria's top ratings and downgraded 7 other euro zone nations. In addition, it cut the euro zone's bailout fund by one notch.
Specific Reviews the Firms. Moody's said it was reviewing the long-term ratings and standalone credit assessments of Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Royal Bank of Canada.
The long-term ratings and standalone credit review of European banks includes Barclays, BNP, Credit Agricole, Deutsche Bank, HSBC, Royal Bank of Scotland, and Societe Generale.
Moody's also is extending the reviews of long-term ratings and standalone credit assessments of Credit Suisse, Macquarie, Nomura, and UBS.
In a statement, the credit agency said, "Capital markets firms are confronting evolving challenges, such as more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions," resulting in diminished longer-term profitability and growth prospects of the institutions under review. Once the review of European banks is completed, Moody's said, the ratings will "fully reflect the currently foreseen adverse credit drivers." Downgrading. Ahead of its review, Moody's said that for 99 European financial institutions, the standalone credit assessments have been placed on review for downgrade. For 109 institutions, the long-term debt and deposit ratings have been placed on review for downgrade. For 66 institutions, the short-term ratings have been placed on review for downgrade. Hopefully, this year can only get better. For more details, go to [CNBC, 2/15/12].Related Stories: Archive
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