Global ratings agency Standard & Poor's lowered the credit ratings of 11 international banks by one or two notches today on uncertainty over future performances amid financial turmoil.
Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Royal Bank of Scotland, UBS and Wells Fargo all had their ratings lowered.
S&P also revised its outlook on British giant HSBC Holdings and a number of its subsidiaries to negative from stable.
'The downgrades and revised outlooks reflect our view of the significant pressure on large complex financial institutions' future performance due to increasing bank industry risk and the deepening global economic slowdown,' the ratings agency said.
But it added that significant government intervention intended to stabilise the banking sector and restore public confidence 'may balance these pressures to a large extent.'
