TGIF y’all! Today is going to be an interesting day.
MSNBC-
Moody’s Investors Service lowered the credit ratings of 15 of the world’s largest banks late Thursday, including Bank of America, JPMorgan Chase and Goldman Sachs, saying their long-term prospects for profitability and growth are shrinking.
The ratings agency said it was especially concerned about banks with significant financial markets businesses because those markets have become so volatile. Some of the largest European banks were also downgraded, including Barclays, Deutsche Bank and HSBC.
The downgrades mean Moody’s is more concerned about the ability of the banks to repay their debts. Moody’s had said in February that it was considering downgrading the credit ratings of major banks in the U.S. and in Europe.
A downgrade usually means that it becomes more costly for banks to raise money by selling debt.
[MSNBC]
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