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Moody's downgrade gives edge to safe-haven banks

Major ratings downgrades by Moody's will further divide the world's biggest banks based on their strength and access to cheap customer deposits.

The ratings, released Thursday by Moody's Investors Service, gave a competitive advantage to "safe-haven" banks that fund themselves with stable, low-cost customer deposits, while worsening the outlook for weaker banks that rely more on capital markets for their funding.

Stock and credit markets reacted mildly after Moody's cut the ratings of 15 of the world's biggest banks, as the cuts had been widely anticipated.
The cost of insuring against default for each of the five biggest US investment banks fell on relief that Moody's was not harsher, said Otis Casey, research director at Markit in New York.

The KBW index of US bank stocks rose 1.4 per cent on Friday in New York. European bank shares rose 0.1 per cent. Shares of New York-based Morgan Stanley were up 1.3 per cent after initially jumping more than 3 per cent in reaction to its rating having been cut less than feared.

 

Ratings of 15 major global banks revised by Moody

The global banking industry was shaken to the core as Global Rating agency Moody announced the downgrade of 15  largest financial institutions citing exposure risk and to...

Fitch downgrade India’s rating outlook to negative

India faces yet another blow as global rating agency Fitch today lowered India's credit rating outlook to negative, citing corruption, inadequate reforms, high inflation ...

S&P Raises Alarm: Slow growth rate will lead to rise in bad assets

Global ratings firm Standard & Poor projected that India may risk the possibility of being the first to be ousted from the BRIC league unless the country seeks to address...

Experian plans to start a full-fledged commercial bureau in India

Experian, the Global information services group, plans to bring more global product offerings into India and will focus on fraud management and value-added analytical pro...

CIBIL now extends credit info to individuals

CIBIL, or Credit Information Bureau of India Ltd, which provides credit information to credit guarantors, is now extending its services to individuals. CIBIL till recentl...

Crisil downgrades debt of Great Offshore to default grade, lenders may restructure loans

MUMBAI: Recently, rating company Crisil downgraded the rating assigned to the debt of Great Offshore to default grade from investment grade. A rating of BB+ was assigned f...

Credit ratings fell the most in three years: CRISIL

According to CRISIL, the Indian arm of Standard & Poor which rates over 9,000 issuers in India, credit ratings have fallen the most in three years compared to the upgrade...

CRISIL: Restructured loan portfolio of banks likely to touch Rs 2 trillion by March 2013

Tough time continues for Indian corporate houses and the banking industry. CRISIL Ratings said large corporate exposures to form a sizeable portion of restructured loans....
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