Moody's Downgrades Ratings At 15 Global Banks

Law360, New York (June 21, 2012, 7:16 PM EDT) -- Moody's Investor Service sent a chill through the banking industry late Thursday when it downgraded its credit ratings for 15 of the world's largest banks because of their exposure to volatile global capital markets.

Citigroup Inc. and Bank of America Corp., two American banks that were slammed in the Great Recession, saw their credit ratings slashed to two levels above junk bond status, Baa2, while Morgan Stanley saw its rating slashed two levels, to Baa1. Analysts had feared that Morgan Stanley would see a ratings cut...
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