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S&P to update bank credit ratings within 3 weeks


S&P to update bank credit ratings within 3 weeks
By David Henry | Reuters – 1 hr 22 mins ago…

(Reuters) – Standard & Poor’s plans to update its credit ratings for the world’s 30 biggest banks within three weeks and may well mete out a few downgrades in the process, possibly surprising battered global bond markets.

Among the institutions that could be downgraded are Bank of America Corp , Citigroup Inc and Morgan Stanley , said Baylor Lancaster, an analyst at CreditSights Inc.

Spokesmen for the three banks declined to comment.

Some European banks could also be affected. On November 9, S&P downgraded its scores for the health of the banking industries in a number of countries, including Denmark, Sweden, Finland and the Netherlands.

The updates in ratings are part of a major overhaul of S&P’s methods for scoring the creditworthiness of some 750 banking groups.

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