Moody's cuts 15 banks

Moody's Investors Service said it repositioned the ratings of 15 banks and securities firms with global capital markets operations.

"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," said Moody's global banking managing director Greg Bauer in a news release.

"However, they also engage in other, often market leading business activities that are central to Moody's assessment of their credit profiles. These activities can provide important shock absorbers that mitigate the potential volatility of capital markets operations, but they also present unique risks and challenges."

The following rating actions occurred:

Bank of America Corp.'s long-term senior unsecured debt was lowered to Baa2 from Baa1, outlook negative, and the short-term P-2 rating was affirmed;

Barclays plc's long-term issuer rating was lowered to A3 from A1, outlook negative, and the short-term rating was lowered to P-2 from P-1;

Citigroup Inc.'s long-term senior debt was lowered to Baa2 from A3, outlook negative, and the short-term P-2 rating was affirmed;

Credit Suisse Group AG's provisional senior debt was lowered to (P)A2 from (P)Aa2, outlook stable, and the provisional short-term (P)P-1 was affirmed;

Goldman Sachs Group, Inc.'s long-term senior unsecured debt was lowered to A3 from A1, outlook negative, and the short-term rating was lowered to P-2 from P-1;

HSBC Holdings plc's long-term senior debt was lowered to Aa3 from Aa2, outlook negative, and the provisional short-term (P)P-1 rating was affirmed;

JPMorgan Chase & Co. long-term senior debt was lowered to A2 from Aa3, outlook negative, and the short-term P-1 rating was affirmed;

Morgan Stanley's long-term senior unsecured debt was lowered to Baa1 from A2, outlook negative, and the short-term rating was lowered to P-2 from P-1;

Royal Bank of Scotland Group plc's long-term senior debt was lowered to Baa1 from A3, outlook negative, and the short-term P-2 rating was affirmed;

Bank of America, NA's long-term deposit rating was lowered to A3 from A2, outlook stable, and the short-term rating was lowered to P-2 from P-1;

Barclays Bank plc's long-term issuer rating was lowered to A2 from Aa3, outlook negative, and the short-term P-1 was affirmed;

BNP Paribas long-term debt and deposit rating to A2 from Aa3; outlook stable, short-term P-1 affirmed;

Citibank, NA's long-term deposit rating was lowered to A3 from A1, outlook stable, and the short-term rating was lowered to P-2 from P-1;

Credit Agricole SA's long-term debt and deposit rating was lowered to A2 from Aa3, outlook negative, and the short-term P-1 rating was affirmed;

Credit Suisse AG's long-term deposit and senior debt ratings were lowered to A1 from Aa1, outlook stable, and the short-term P-1 rating was affirmed;

Deutsche Bank AG's long-term deposit rating was lowered to A2 from Aa3, outlook stable and the short-term P-1 rating was affirmed;

Goldman Sachs Bank USA's long-term deposit rating was lowered to A2 from Aa3, outlook stable; and the short-term P-1 rating was affirmed;

HSBC Bank plc's long-term deposit rating was lowered to Aa3 from Aa2, outlook negative, and the short-term P-1 rating was affirmed;

JPMorgan Chase Bank, NA's long-term deposit rating was lowered to Aa3 from Aa1, outlook stable, and the short-term P-1 rating was affirmed;

Morgan Stanley Bank, NA's long-term deposit rating was lowered to A3 from A1, outlook stable, and the short-term rating was lowered to P-2 from P-1;

Royal Bank of Canada's long-term deposit rating was lowered to Aa3 from Aa1, outlook stable, and the short-term P-1 was affirmed;

Royal Bank of Scotland plc's long-term deposit rating was lowered to A3 from A2, outlook negative, and the short-term rating was lowered to P-2 from P-1;

Societe Generale's long-term debt and deposit ratings were lowered to A2 from A1, outlook stable, and the short-term P-1 rating was affirmed; and

UBS AG's long-term debt and deposit rating were lowered to A2 from Aa3, outlook stable and the short-term P-1 rating was affirmed.

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