Following Fitch Ratings decision to lower the US outlook from stable to negative, the S&P has thrown yet another bombshell after it informed in an official release post NY close that it had just downgraded 37 global banks. Goldman, BofA, Citigroup, Morgan Stanley, BNY Mellon were amongst the cuts based on a new reviewing critera it applied. Japanese and UK banks were either cut or the outlook lowered as well.
In the official statements it could read: "Standard & Poor's Ratings Services today said it reviewed its ratings on 37 of the largest financial institutions in the world by applying its new ratings criteria for banks, which were published on Nov. 9, 2011." EUR/USD came down near 1.3300 on the news.
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