Moody's set to downgrade major UK banks

clock • 1 min read

Rating agency Moody's is preparing to downgrade several UK banks this evening, including RBS, Barclays and HSBC, according to reports.

The expected move is part of the agency's wider downgrade of major world banks amid the deepening eurozone crisis, reports Sky News. Confirmation of the downgrades, which could potentially add billions of pounds to the funding costs of impacted institutions, is expected after US markets close this evening. Barclays, HSBC and state-owned lender RBS are reportedly among the banks under scrutiny as the global financial crisis piles more pressure on lenders. Banks across the Channel, including Société Générale and BNP Paribas, could also be hit by the action, in addition to Wall Street...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

Trustpilot