Standard & Poor’s Ratings Services on Dec 7 placed its ratings on some of the largest rated banking groups in the eurozone on CreditWatch with negative implications. Similar rating actions on other large banks in the eurozone will follow soon. This follows the placement of the sovereign credit ratings on 15 members of the European Economic and Monetary Union (EMU or eurozone) on CreditWatch with negative implications on Dec. 5, 2011.
We believe that the ratings on Austria, Belgium, Finland, Germany, The
Netherlands, and Luxembourg could be lowered by up to one notch, if at all,
and those on Estonia, France, Ireland, Italy, Malta, Portugal, Slovak
Republic, Slovenia, and Spain by up to two notches, if at all.
We intend to resolve the CreditWatch placement on these banks soon after the
resolution of the CreditWatch placement on the related sovereign.
We will publish individual research updates on some of the banks identified
below including a list of ratings on affiliated rated entities.
S&P reports on individual banks are available at the Alacra Store.