Moody’s Investors Service downgraded the debt ratings of 15 major international banks and securities firms on Thursday, a move that could cost the banks billions of dollars in extra collateral…U.S banks that were downgraded included: Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley. “All of the banks affected by today’s actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities,” Moody’s said in a statement. “However, they also engage in other, often market leading business activities that are central to Moody’s assessment of their credit profiles,” the firm added. “These activities can provide important ‘shock absorbers’ that mitigate the potential volatility of capital markets operations, but they also present unique risks and challenges.” [CNBC, related]

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Comments (33)

  1. Posted by .Bo | June 21, 2012 at 6:24 PM

    Groundbreaking stuff there, Moody's.

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    My order:

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  3. Posted by UFO | June 21, 2012 at 7:02 PM

    "unique risks and challenges"

    Oh Rly?

    – all of Wall Street

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    I'm shocked, shocked to find gambling going on in this establishment.

    Here are your winnings, sir.

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    I sure hope that Bank of America gets destroyed. Going to be a blast to watch and then Merrill Lynch will be free once again!

  7. Posted by guest | June 22, 2012 at 9:16 AM

    How are the ratings agencies still relevant?

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    Moody's and I go way back

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