- 15 downgrades total
- 1 firm (Credit Suisse) lowered by 3 notches to A2 from Aa2, outlook stable
- 10 firms lowered by 2
- 4 firms lowered 1 notch
- Morgan Stanley 2 notches to Baa1 (there was talk of 3 notches)
- Citigroup lowered to Baa2, outlook negative
- UBS lowered 2 notches, there was talk of 3
- RBS lowered 1 notch to Baa1, outlook negative
- Goldman to 2 notches to A3 from A1
- HSBC 1 notch to AA2
- Barclays 2 notches to A3
- BNP Paribas 2 notches to AA3
- Credit Agricole 2 notches to AA3
- RBC to two notches to Aa3
- Soc Gen 1 notch to A2
- Deutsche Bank 2 notches to A2
- Fortis, Lloyds and Bank of America the others.
- No bank was lowered more than Moody’s outlined in Feb, when it foreshadowed the moves
On the whole, shares of some of these companies are rallying, so there is a silver lining.
