UBS downgraded by ratings agency
Standard & Poor’s has cut its credit ratings on 15 big banks, mostly in Europe and the United States, including UBS in Switzerland.
This content was published on November 30, 2011 - 15:19UBS’s rating was downgraded from A+ to A. Its shares fell in early morning trading before rising again, jumping mid-afternoon after major central banks took coordinated action to ease strains on the world's financial system.
Barclays, HSBC, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley were among the banks that had their ratings reduced by one notch each.
The ratings of 20 banks, including Deutscher Bank, ING, Société Général and Switzerland’s Credit Suisse, remained unchanged.
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