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Moody’s Downgrades Big Banks

Posted on Sep 21, 2011
Flickr / Wonderlane (CC-BY)

Moody’s downgraded the credit ratings of three major U.S. banks Wednesday, and so far it appears that Bank of America was the hardest hit by the move.

The credit rating firm downgraded the debt of Bank of America, Citigroup and Wells Fargo after the FDIC argued that ratings companies shouldn’t have to include premiums for banks considered “too big to fail.”

Bank of America shares dropped 7.5 percent Wednesday, lower even than before Warren Buffett’s Berkshire Hathaway dumped $5 billion of capital into Bank of America last month. —BF

The Financial Times:

BofA noted that Moody’s “explicitly stated that the downgrades do not reflect a weakening of the intrinsic credit quality of Bank of America”.

But the rating agency did point to the hard-to-measure risk of BofA losing some of the mortgage-related lawsuits it faces, such as a $10bn claim from AIG, the insurance group, saying the outcome “could have a significant impact on [BofA’s] capital position” and the “resolution is not entirely within the direct control of management”.

BofA, the largest US bank by assets, had its long-term senior debt cut from A2 to Baa1 and its short-term debt cut from Prime 1 to Prime 2.

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thecrow's avatar

By thecrow, September 22, 2011 at 4:40 am Link to this comment

Here’s some numerological fun for you:

The BofA logo is three 11s at right angles to suggest the US flag. 3 x 11 = 33 = ? (highest degree freemasonry, etc.)

On September 11 American Airlines Flight 11 was flown into a building shaped like a giant 11.

The rest, as they say, would be history—if you were permitted to know it.

http://michaelfury.wordpress.com/2010/09/10/ghosts-in-the-machine/

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thecrow's avatar

By thecrow, September 22, 2011 at 4:37 am Link to this comment

Here’s some numerological fun for you:

The BofA logo is three 11s at right angles to suggest the US flag. 3 x 11 = 33 = ? (highest degree freemasonry, etc.)

On September 11 American Airlines Flight 11 was flown into a building shaped like a giant 11.

The rest, as they say, would be history—if you were permitted to know it.

http://michaelfury.wordpress.com/2010/09/10/ghosts-in-the-machine/

Report this

By major backup, September 21, 2011 at 9:41 pm Link to this comment
(Unregistered commenter)

Even thievery must be rated.

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