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Moody's puts UK banks on downgrade watch

May 24 2011 09:49 Sapa

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London - Moody's Investors Service said on Tuesday it was reviewing 14 British banks including Lloyds TSB Bank and Royal Bank of Scotland for possible downgrade due to less government support in case of a bailout.

Moody's said the review would reassess the level of systemic support incorporated in the ratings of UK financial institutions in order to align their ratings with changes to government support for banks now that the global financial crisis has eased.

"The reassessment is not driven by either a deterioration in the financial strength of the banking system or that of the government," said Elisabeth Rudman, a Moody's Senior Credit Officer and lead analyst for a number of UK banks.

"It has been initiated in response to ongoing guidance from the UK authorities (the Bank of England, the Financial Services Authority and the Treasury) that banks that fail in the future should not expect capital injections from the public purse," she added.

uk  |  credit rating

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