S&P cuts Barclays, Credit Suisse & Deutsche BankJuly 2, 2013 @ 4:46 pm
(AP) - Standard & Poor's Ratings Services lowered the long-term counterparty credit ratings of Barclays Bank PLC, Credit Suisse AG and Deutsche Bank AG to "A" from "A-plus" on Tuesday.
The agency kept its "A/A-1" long and short-term ratings on Switzerland's UBS AG.
All remain at investment grade, and S&P said the outlooks on all four are stable.
"We see increasing risks for some large Europe-based banks operating in investment banking, as regulators and uncertain market conditions make operating in the industry more difficult," S&P said. In particular, these banks' debtholders face higher credit risks because of tighter regulation, fragile global markets, stagnant European economies, and rising risk of financial crisis-related lawsuits.
S&P said Barclays, Credit Suisse, Deutsche Bank, and UBS are "among the most exposed in Europe" to global regulatory changes.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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