The New York Times
Tuesday, November 29, 2011 -- 4:53 PM EST
-----
S.&P. Cuts Ratings on Big Banks
The credit ratings agency Standard & Poor's on Tuesday cut its ratings on a number of big American banks as part of actions involving 37 banks.
The agency lowered its ratings on Bank of America, Citigroup, Goldman Sachs and Morgan Stanley by one notch.
The downgrades come weeks after the rating agency overhauled its method for rating financial institutions. The agency now pays less attention to a bank's bottom line, paying closer attention to whether banks had put away enough capital for rainy days.
Shares of Bank of America and other bank stocks fell in trading on Tuesday after rumors of ratings cuts emerged.
Read More:
http://dealbook.nytimes.com/2011/11/29/s-p-cuts-ratings-on-big-banks/?emc=da
About This E-Mail
You received this message because you are signed up to receive DealBook
News Alerts from NYTimes.com.
To unsubscribe, change your e-mail address or to sign up for daily headlines
or other newsletters, go to:
http://www.nytimes.com/email
NYTimes.com
620 Eighth Ave.
New York, NY 10018
Copyright 2011 The New York Times Company
No comments:
Post a Comment