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  • hopping_on_bandwagon hopping_on_bandwagon Jun 18, 2012 4:52 PM Flag

    Pandit on Closing Bell

    Moody's cut ratings on a bunch of European banks late last week, and UK is next, followed by US. All the big US banks (C, JPM, BAC, GS, MS) are likely to be impacted. The other rating agencies (S&P, Fitch) cut their ratings on some of the largest banks late last year, but not to the extent that Moody's is considering. FOr example, MS may be cut up to three notches. With all the problems with the Spanish banks, there is no way US-based international banks could escape. The stock price of C already reflects the downgrade - it's been expected for months. HOP

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