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Title: Moody's cuts ratings of 15 banks, Morgan Stanley down 2 notches Post by: Psalm 51:17 on June 21, 2012, 06:43:11 pm http://news.yahoo.com/moodys-downgrades-15-major-global-banks-214546741--sector.html 6/21/12 LONDON/CHARLOTTE, North Carolina (Reuters) - Ratings agency Moody's downgraded many of the world's biggest banks on Thursday, lowering credit ratings of 15 companies by one to three notches. Morgan Stanley, one of the most closely watched firms, had its long-term debt rating lowered by just two notches, one level less than had been expected, and its stock rose in after-hours trading. The downgrade left Morgan Stanley more highly rated than Bank of America Corp and Citigroup but a step below Goldman Sachs Group . Credit Suisse , which last week was warned about weak capital levels by Switzerland's central bank, was the only bank in the group to suffer a three-notch downgrade. But its new A1 deposit and senior debt ratings, however, rank higher than many of its peers. Financial markets have been bracing for the credit rating actions since February, when Moody's Investors Service said it had launched a review of 17 banks with global capital markets operations. These companies face diminished profitability and growth prospects due to difficult operating conditions, increased regulation and other factors, Moody's said. more |