The Banking and Strategy Initiative

Chillin' out till it needs to be funded

European bank downgrades by the score | Advantage zyaada

The May 1, 2010 cover of the Economist newspap...

Image via Wikipedia

We get another opportunity to offer breaking news on the net as the European Sovereign Debt crisis, about to retire for this weekend after $40 bln in liquidity support by ECB, gave Moody’s and S&P another opportunity to even the score for 2 italian, 7 Portuguese and 11 UK banks and more. RBS rating is now down to A1 from AA3, Dexia was downgraded yesterday on liquidity ratings across all subsidiaries and Portuguese banks have been downgraded the second time after a stepped flurry ion April and July

Other sovereign downgrades due in Spain might further correct though UK sovereign ratings were maintained earlier in the week and could not save UK banks from being downgraded for the week

a quick search of the electronic mediaincl bloomberg web, did not show the gory details. Italian banks would have been downgraded 3 notches and more after the similar downgrade of the sovereign, even as chances of ECB suppoort and Eurobonds only confounded the situation with respect to the amounts of capital infusion to be required. Modst of the regional banks would not have found good international investment but even RBS has been voted down by Moody’s to keep the rating agencies ahead of the correcting curves in the net few months.

Europe was always just a hole?

Enhanced by Zemanta

Archives

%d bloggers like this: