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Moody’s Slashes 15 Banks In Ratings Bloodbath – TheStreet

NEW YORK (TheStreet) — Moody’s  slashed the ratings of 15 of the largest world banks late Thursday …

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Moody’s cut Morgan Stanley(MS_) by two notches to Baa1, instead of a possible three notch cut. The agency also cut JPMorgan Chase(JPM_), Citigroup(C_) and Goldman Sachs (GS_) by two notches and Bank of America(BAC_) by a notch in a sweeping ratings change that still gives the nation’s largest banks a negative outlook.

via Moody’s Slashes 15 Banks In Ratings Bloodbath

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DOW DROPS 250 POINTS-

Dow loses 250 points…

…Spain would need to borrow up to $78bn …

…Moody’s expected to start downgrading global banks… Barclays, Deutsche Bank, Citigroup and Goldman Sachs…

Moody’s warned in February that the ratings of 17 banks and securities firms under review because they face increased funding costs and regulatory scrutiny.

…German economy, the safest in Europe, weakening.

German support has so far saved the eurozone from meltdown, Germany’s private sector shrank for the second month running in June, manufacturing, a three-year low.

 

via Markets fall amid gloomy US forecast and global slowdown

 

Markets fall amid gloomy US forecast and global slowdown | Business | guardian.co.uk.