S&P downgrades 15 Europe banks

May 01, 2014 - 1:10:49 am

London: Ratings agency Standard & Poor’s said it has downgraded 15 European banks, including Barclays Credit Suisse and Deutsche Bank, after European lawmakers agreed on a framework that prevents governments from having to bail out troubled banks.

S&P said extraordinary government support would likely diminish as regulators implement the reforms, downgrading them to ‘negative’ from ‘stable. The banks also included ABN AMRO, Bank Of Ireland and ING Bank.

“We observe similar powers coming into force in Liechtenstein and Norway, and already in place in Switzerland, which are not EU members,” the agency added. S&P also raised its ratings on Danske Bank and Argenta Spaarbank, while keeping ‘negative’ outlooks on 38 banks and ‘stable’ outlooks on 15 banks. Reuters