Moody's downgrade Major US banks down to near junk status


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Well you can expect stock market indexes to plummet from the opening bell onward tommorrow. According to CNBC, Moody's was expected to downgrade 17 banks some time after market closing today. JP Morgan, Bank of America, Morgan Stanley, Citigroup, and Goldman Sachs all made the list for downgrades. According to this article, that will leave quite a few of these banks with stock ratings near junk status.

Here are the ratings of the banks stocks now. They must have added the story while I was typing the above. :)


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Moody’s, one of the top three global rating agencies, has assigned a ‘negative’ outlook to Pakistan-based banks due to economic slowdown and the banks’ higher investment in sovereign securities’ papers of the government. “A slowing economy and high exposure to sovereign debt drive our negative outlook.” It said the key drivers to its negative outlook included deterioration in the operating environment, asset risk and government support.
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