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Banks receive ratings downgrade

by Staff Reporter7 minute read
The Adviser

Standard and Poor’s lowered the credit ratings of 11 international banks by one or two notches on Friday because of uncertainty over future performances, The Australian Financial Review reported today.

Some of the banks included Barclays, Morgan Stanley, Citigroup and Bank of America.

The downgrades and revised outlooks reflected the ratings agency’s view of "the significant pressure on large complex financial institutions' future performance due to increasing bank industry risk and the depending global economic slowdown", the paper said.


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