S&P downgrades major high-street banks
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Standard & Poor’s has downgraded the long-term credit ratings of several major banks including Barclays and HSBC following changes to its ratings criteria.
The BBC reports that Bank of America, Goldman Sachs and Citigroup have had long-term ratings downgraded to A- from A by the ratings agency.
Morgan Stanley, Barclays, HSBC, Commerzbank and UBS were also downgraded by one notch.
But S&P has upgraded ratings on two Chinese banks, Bank of China and China Construction Bank Corp.
The ratings agency has changed its criteria for assessing banks based on changes in market trends and government support.
European banks including Credit Suisse, Deutsche, ING and Societe Generale saw no change to their ratings.
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