Tuesday, February 14, 2012

Moody's could downgrade banks credit ratings again, report says

Moody's Investors Service, one of the three main credit ratings agencies, is expected to downgrade the debt ratings of Bank of America, Wells Fargo and a number of other banks, according to a report published by CreditSights and reported on by TheStreet.com.

The report cites comments on a Feb. 1 conference call by Moody's executives that some global banks could see two- or three-notch downgrades because of "Eurozone weakness" and uncertainty in capital markets.

Other banks cited were JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley.

All three credit ratings agencies downgraded Bank of America's credit rating last year.