Expected Moody's Actions Already Having Ripple Effects;
Review of Five of Six Largest U.S. Firms
Banks, bond issuers and investors are bracing for
aftershocks from a wave of bank downgrades expected to hit the U.S. as soon as
the coming week.
Moody's Investors Service has said it is likely to reduce by
the end of June credit ratings for 17 large global banks, including five of the
six biggest U.S. financial firms by assets. The downgrades are expected to
raise borrowing costs and crimp some lucrative trading businesses at the banks,
including at J.P. Morgan Chase & Co., Bank of America Corp., Citigroup Inc.,
Goldman Sachs Group Inc. and Morgan Stanley….
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