S&P Downgrades Goldman Sachs, Bank Of America, Wells Fargo And Citigroup

http://www.huffingtonpost.com/2011/11/29/sp-downgrades-goldman-sachs-bank-of-america-wells-fargo-citigroup_n_1119384.html?utm_campaign=112911&utm_medium=email&utm_source=Alert-business&utm_content=FullStory



S&P Downgrades Goldman Sachs, Bank Of America, Wells Fargo And Citigroup

11/29/11 05:29 PM ET

NEW YORK -- Standard & Poors Ratings Services is adjusting the ratings on 37 of the world's largest financial institutions, including downgrading the biggest banks in the U.S.

Bank of America Corp. and its main subsidiaries were among those cut at least one notch on Tuesday, along with Citigroup Inc., Goldman Sachs Group Inc., JPMorgan Chase & Co., Morgan Stanley and Wells Fargo & Co.

S&P says the changes reflect its new ratings criteria for banks, which incorporate shifts in the worldwide financial industry and macroeconomic trends, including the role of governments and central banks in industry funding.

Top U.K. downgrades include Barclays, HSBC Holdings, Lloyds Banking Group and The Royal Bank of Scotland.

Ratings for several big European banks, including Credit Suisse, Deutsche Bank, ING and Societe Generale are unchanged.

ya think they woulda been downgraded long ago when the government was giving them bailout money.........as usual the S&P is a day late and a dollar short.

I believe that S&P, Moody and Fitch are the three most powerful companies in the world. No one else can affect global economy the way they can with the brush of a pen.