Arab Today, arab today 12 british banks downgraded by moody\s
Last Updated : GMT 05:57:05
Arab Today, arab today
Arab Today, arab today

12 British banks downgraded by Moody\'s

Arab Today, arab today

Arab Today, arab today 12 British banks downgraded by Moody\'s

London - Xinhua

The rating service Moody\'s downgraded its credit ratings of 12 British banks on Friday, including state-owned Royal Bank of Scotland and Lloyds TSB. \"Moody\'s Investors Service has today downgraded the senior debt and deposit ratings of 12 UK financial institutions and confirmed the ratings of one institution,\" the agency said in a statement. Moody\'s said it chose to downgrade a dozen British banks as believing government action had \"significantly reduced the predictability of support over the medium to long-term.\" Manthos Delis, Senior Lecturer in Banking at Cass Business School believed the reaction of Moody\'s seems reasonable \"in light of talks for not raising the burden on taxpayers even further by a potential bailout.\" Moody\'s, or any other rating agency\'s main concern, should be \"the strength of bank portfolios, which, for the moment, seems to be in good shape,\" he said. Bank shares sharply fell after the downgrade, with Royal Bank of Scotland and Lloyds both seeing their stocks down by over 3 percent.

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