Photo: Ray Rivera
Moody’s just handed out downgrades to 17 banks around the world, and now we’re dealing with the aftermath.For Wall Street, it could’ve been worse. All eyes were on Morgan Stanley because they admitted that a 3-notch downgrade would make their borrowing costs sky rocket and force a hefty collateral call.
Luckily for them, they were only downgraded two notches to Baa1. They’re up 3.3% in after hours trading.
As for the rest of the Street:
- JP Morgan was cut two notches to AA3, it’s up 1.13%
- Citi was cut to Baa2, it’s up 0.75%
- Goldman Sachs was cut to A3, it’s up 0.43%
- Bank of America was cut to Baa2, outlook negative, it’s up 1.41%
- Credit Suisse was cut 3 notches, and it’s down -0.11%
Like we said, it could have been worse.
Business Insider Emails & Alerts
Site highlights each day to your inbox.