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Global banks downgraded by Moody's

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Published on Jun 25, 2012

Global banks downgraded by Moody's

Moody's downgrades 15 global banks citing risks of 'outsized losses' in volatile markets!!
NEW YORK — Moody's Investors Service has lowered the credit ratings on some of the world's biggest banks, including Bank of America, JPMorgan Chase and Goldman Sachs, reflecting concern over their exposure to the violent swings in global financial markets.
The downgrades late Thursday ultimately are a measure of Moody's view on the ability of the banks to repay their debts. The ratings agency also cut its ratings on Barclays, Deutsche Bank and HSBC, some of the largest banks in Europe, a region fighting to contain a government debt crisis.
http://www.washingtonpost.com/nationa...


Banks downgraded as size of Spanish crisis revealed
Moody's has cut the ratings of 15 of the world's biggest banks, hours after the markets were digesting the admission by Spain that its banks could need up to €62bn of bailout money to see them through the next three years.
The result of the independent audit of Spain's banks put the gap in their finances at between €16bn and €62bn -- similar to the €50bn calculated by the International Monetary Fund (IMF) two weeks ago.
Banking giants including Bank of America, Barclays, Citigroup, HSBC, Goldman Sachs, Morgan Stanley and Royal Bank of Scotland all had their credit ratings cut.
http://www.guardian.co.uk/business/20...

Spain's banks could need up to 62 billion Euros if they are to be sufficiently recapitalized, an independent audit for the government revealed on Thursday.
There will be a further, more detailed audit of the state of the banks, which is due to be published at the end of July. This will look at the declining value of many of the banks' assets.
In the past few years, the banks acquired a lot of property from customers who defaulted with loans, and the value of that real estate has dropped by a quarter and is expected to fall further.
It has led to analysts predicting the true cost of recapitalising the banks could be three or four times Thursday's figures.
http://news.sky.com/home/business/art...


Spanish banks need €62bn -- or is it €52bn?
The big-picture consideration is whether that adverse scenario materialises -- whether deflation continues to grip eurozone economies. If that happens, next year's adverse scenario will have to be redefined, and so on. It's when and how the spiral is broken that matters.
As Albert Edwards, Société Générale's strategist, put it last week: "Spanish banks need recapitalisation because of the deflationary policies forced on them to reduce Spain's public sector deficit at a time when the private sector is also deleveraging.
"Clearly this has a lot further to go and house prices will fall even further as a result. But the lesson from Japan was that overly focusing on the banks as the problem is misguided and until or unless deeply deflationary policies are altered, the Spanish banks will be back for another bailout before too long."
http://www.guardian.co.uk/business/ni...


US credit downgraded to AA status
http://www.youtube.com/watch?v=C1ovFP...

Egan-Jones downgrades the U.S. credit rating
http://www.youtube.com/watch?v=rBjPnP...

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