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S&P Downgrades Numerous European Banks, Warns Deutsche Bank May Be Next

Tyler Durden's picture




 

Just hours after apparently settling its suit with the USA (not at all retaliation for downgrading them), S&P has taken the big red marker out on a slew of European banks:

  • Downgrades: Credit Suisse, Barclays, Lloyds, Bank of Scotland, RBS, HSBC, and Ulster Bank
  • On Watch Negative: Raiffeisen Zentralbank, MBank, Unicredit, Commerzbank, and Deutsche Bank

The driver of the shift in perspective is the apparent removal of the 'bailout put', as the prospect of "extraordinary government support" appeared less likely under recently passed bail-in legislation.

  • *S&P TAKES VARIOUS RATING ACTIONS ON SOME EUROPEAN BANKS
  • *S&P: ACTIONS REFLECT EU BANK RECOVERY & RESOLUTION DIRECTIVE
  • *S&P MAY REMOVE SYSTEMIC SUPPORT NOTCHES IN SOME CASES IN REVIEW

Downgrades

  • *RBS GROUP PLC CUT TO BBB- FROM BBB+ BY S&P, OTLK TO STABLE
  • *LLOYDS BANKING GROUP CUT TO BBB FROM A- BY S&P, OUTLOOK TO POS
  • *S&P: ULSTER BANK TO BBB+/WATCH NEG FROM BBB+/NEGATIVE - FOR
  • *S&P: HSBC HOLDINGS PLC TO A/STABLE FROM A+/NEGATIVE - FOR
  • *S&P: STANDARD CHARTERED PLC TO A-/STABLE FROM A/NEGATIVE - FOR
  • *BARCLAYS PLC CUT TO BBB FROM A- BY S&P, OTLK STABLE
  • *S&P: ROYAL BANK OF SCOTLAND GROUP PLC TO BBB-/STABLE FROM BBB+/
  • *S&P: CREDIT SUISSE GROUP AG TO BBB+/STABLE FROM A-/NEGATIVE

Outlook Neg:

  • *RAIFFEISEN ZENTRALBANK OESTERREICH AG MAY BE CUT BY S&P
  • *S&P: COMMERZBANK AG TO A-/WATCH NEG FROM A-/NEGATIVE - FOR
  • *S&P: COMMERZBANK AG MAY BE CUT
  • *S&P: NATIONWIDE BUILDING SOCIETY TO A/WATCH NEG FROM A/NEGATIVE
  • *NATIONWIDE BUILDING SOCIETY MAY BE CUT BY S&P
  • *S&P: MBANK TO BBB+/WATCH NEG FROM BBB+/NEGATIVE - FOR
  • *MBANK MAY BE CUT BY S&P
  • *S&P: DEUTSCHE BANK AG TO A/WATCH NEG FROM A/NEGATIVE - FOR
  • *DEUTSCHE BANK AG MAY BE CUT BY S&P
  • *S&P: UNICREDIT BANK AG TO A-/WATCH NEG FROM A-/NEGATIVE - FOR

 

 

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Tue, 02/03/2015 - 13:50 | 5739472 madcows
madcows's picture

well, duh.  Greece just said they don't intend to pay on their debt. ... Cue the european banking crisis.

Tue, 02/03/2015 - 13:58 | 5739516 nope-1004
nope-1004's picture

 

 

  • Downgrades: Credit Suisse, Barclays, Lloyds, Bank of Scotland, RBS, HSBC, and Ulster Bank
  • On Watch Negative: Raiffeisen Zentralbank, MBank, Unicredit, Commerzbank, and Deutsche Bank
  • On DEATH ROW:  JPM, BAC, WFC, GS, MS, HSBC, ShittyGroup, Credit Suisse, Barclays, Lloyds, Bank of Scotland, RBS, HSBC, Ulster Bank, Raiffeisen Zentralbank, MBank, Unicredit, Commerzbank, and Deutsche Bank

 

 

 

Tue, 02/03/2015 - 13:58 | 5739525 Philo Beddoe
Philo Beddoe's picture

No Canadian banks?  I am pretty sure that Canadian housing bubble is financed with debt. 

Tue, 02/03/2015 - 14:02 | 5739533 SickDollar
SickDollar's picture

you have to be a sheeple to believes in these credit agency

We should called them BS INDEX credit rating

 

Tue, 02/03/2015 - 14:24 | 5739661 SWRichmond
SWRichmond's picture

We just became a US Gov patsy, and the fucking Germans want their gold back.  DOWNGRADE!

Tue, 02/03/2015 - 14:36 | 5739728 N2OJoe
N2OJoe's picture

Why not grow some balls and downgrade the US to it's true level?

You know, since that suit was totally not politically motivated or anything...

Tue, 02/03/2015 - 15:00 | 5739839 Say What Again
Say What Again's picture

The DOW is up 255 points on this news.  Now that Mario is printing non stop we'll have another 6 months of ramp-athons.  There *IS* inflation -- its in the stock prices of stagnant corporations.

Tue, 02/03/2015 - 15:32 | 5740008 Dead Man Walking
Dead Man Walking's picture

If they keep buying all their stock, the sky's the limit.

Tue, 02/03/2015 - 17:19 | 5740501 asteroids
asteroids's picture

When interest rates rise, Canadian banks will be incredible shorts.

Tue, 02/03/2015 - 14:03 | 5739539 zorba THE GREEK
zorba THE GREEK's picture

It was probably part of their settlement agreement with the government. They are trying

to scare the IMF and Merkel into bailing out Greece and not drawing it out. Don't rock the

boat. If it sinks we all drown.

Tue, 02/03/2015 - 14:05 | 5739554 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

See this shit show will never stop....I can't take it anymore....please let it end or stop with the sky is falling articles...thanks

Tue, 02/03/2015 - 14:13 | 5739571 Anasteus
Anasteus's picture

Seems like US is losing its nerve already. Perhaps NWO agenda has been delayed longer than planned.

But frankly, this is imho the first VICTORY of Yanis Varoufakis!

Tue, 02/03/2015 - 14:18 | 5739622 williambanzai7
williambanzai7's picture

Tue, 02/03/2015 - 14:51 | 5739758 Anasteus
Anasteus's picture

Oublie, oublie Loulou, Mais oublie mais oublie Loulou oublie la donc... Merci Charlie!

https://www.youtube.com/watch?v=_iTeRo7aa0g

 

Tue, 02/03/2015 - 13:55 | 5739480 czarangelus
czarangelus's picture

Wow, how are they going to afford all those $1.5 billions in retaliatory fines from the governments of Switzerland, Germany, the UK, et al?

Tue, 02/03/2015 - 13:57 | 5739513 silverer
silverer's picture

I was thinking the same thing.  They must have deep pockets or the news benefits the US government.  One or the other.

Tue, 02/03/2015 - 14:09 | 5739567 SpanishInquisition
SpanishInquisition's picture

Least Dirty Shirt

Tue, 02/03/2015 - 14:16 | 5739598 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

I am so sick and tired of hearing the US is the "least dirty shirt". That's a lie, it's the dirtiest shirt, we are the MOST idebted nation on the planet, we produce nothing, we print the most money out of thin air....stop with the lies....I can't fuckign take it

Tue, 02/03/2015 - 14:18 | 5739629 czarangelus
czarangelus's picture

I'm reminded of that scene from Fear and Loathing when Dr. Gonzo refuses to get off the carousel bar while tripping balls, and Hunter is trying to talk him down...

"It's not gonna stop, man... it's never gonna stop"

Tue, 02/03/2015 - 14:21 | 5739642 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

35% of ALL americans have debt in collections, we are the most indebted people EVER, most live paycheck to pay check and have no savings, some how how that makes us the cleanest dirty shirt??? please explain how that works agian!

Tue, 02/03/2015 - 17:03 | 5740417 madcows
madcows's picture

we can print our own money.  Euros can't.

We've never "defaulted" on our money.  Most other countries have.

We've got lots of room to go before we default, if you go by the Japanese model.

We still have many productive companies (with offshore accounts), that produce stuff and employ people.

Look, I agree with you.  But name another currency you are willing to jump in?  Russia?  they are a commodity driven economy that the west has declared financial war on.  In the long run, they may win, but I'm not about to gamble on it.

The Euros?  They're fucked seven ways to sunday.

The UK?  They can print their own money, but they are about as bad off as we are, and they're not as big and diverse.

China?  If you think they're more honest than our BLS, you need to get your head examined.  Oh, and they're in the middle of a mind blowing bubble that puts ours to shame.

Where you gonna go?  It's all fucked up.  Everywhere.

Tue, 02/03/2015 - 18:06 | 5740686 Hitlery_4_Dictator
Hitlery_4_Dictator's picture

Gold. Not US paper

Wed, 02/04/2015 - 10:25 | 5742783 fancyfree
fancyfree's picture

You don't seem to recognize that the US Federal Reserve Note is no longer the international reserve currency.  Talk about being in denial: https://s3.amazonaws.com/khudes/Twitter12.13.14.pdf

Not to worry, folks.  The central bank scammers are at the end of the trolley line and we are taking over.  We, the people.  As in https://s3.amazonaws.com/khudes/Twitter2.2.15.pdf

Tue, 02/03/2015 - 13:51 | 5739490 Kaiser Sousa
Kaiser Sousa's picture

and i was wondering why the Dow is up another 200 points today and Gold and Silver were attacked the entire London trading session...

silly me.

Tue, 02/03/2015 - 14:14 | 5739603 disabledvet
disabledvet's picture

Who knows how many tons of gold ABX is sitting on just in storage.

 

They need actual cash to run their mines however and they also lever their product to raise that money.

 

"Long rocket launches."

Tue, 02/03/2015 - 13:51 | 5739491 demoses
demoses's picture

When will S&P get downgraded?

Tue, 02/03/2015 - 13:53 | 5739492 i_call_you_my_base
i_call_you_my_base's picture

Was this part of the settlement?

Tue, 02/03/2015 - 13:52 | 5739496 scottch
scottch's picture

I'd be happy to help bailout S&P if they keep telling the truth. 

Tue, 02/03/2015 - 13:54 | 5739497 Captain Chlamydia
Captain Chlamydia's picture

Financial turmoil this will  lead to. That will lead to  crisis. Crisis leads to the dark  side. 

Tue, 02/03/2015 - 13:54 | 5739499 thamnosma
thamnosma's picture

Apparently that was the unpublished element of the Holder settlement with S&P. 

Tue, 02/03/2015 - 13:54 | 5739500 debtor of last ...
debtor of last resort's picture

Hey, no ECB on their list?

Tue, 02/03/2015 - 13:54 | 5739505 wmbz
wmbz's picture

To bad there is anyone left that gives a flying fuck what S&P has to say about anything. Nothing but a farce. All ratings agencies are in someones back pocket, just doing the bidding of their owners. When they do fuck up and take a shot at the USSA they get the shit jerked out ot their leash!

Complete scam. If I ran a euro bank I'd invite them to go and fuck themselves!

Tue, 02/03/2015 - 14:02 | 5739532 madcows
madcows's picture

did you ever notice how about 99% of stocks are identified as a "buy".

Tue, 02/03/2015 - 13:55 | 5739506 Groundhog Day
Groundhog Day's picture

It might be time for Jamie Dimons daughter to ask her daddy what a crisis is

Tue, 02/03/2015 - 14:13 | 5739587 RaceToTheBottom
RaceToTheBottom's picture

SHe could be building a crowdsourcing replacement to the S&P.

Everybody blog and tweet in who is the worst bank...  Yahhhhhh  Tweets to the rescue

Tue, 02/03/2015 - 14:02 | 5739535 Tsar Pointless
Tsar Pointless's picture

Christ. This means tomorrow, all of these bank stocks will be trading at new ATH.

BTFD - Buy the Fucking Downgrade

Tue, 02/03/2015 - 14:01 | 5739537 buzzsaw99
buzzsaw99's picture

it was barzini all along

Tue, 02/03/2015 - 14:04 | 5739541 Yen Cross
Yen Cross's picture

    They might as well just downgrade all the governments of those countries... The banks are just parasitic extensions of the various governments in Europe.

Tue, 02/03/2015 - 15:46 | 5740071 Bankster Kibble
Bankster Kibble's picture

As long as they don't downgrade USA again.  That would be . . . unwise.

Tue, 02/03/2015 - 14:05 | 5739545 yogibear
yogibear's picture

Maybe the European banksters need to threaten S&P like the Eric Holder mobsters did, only more drastic.

Have some hoodlums threaten  their lives. It always worked for the mobsters.

 

Tue, 02/03/2015 - 14:06 | 5739556 Tsar Pointless
Tsar Pointless's picture

You have to hand it to organized crime. At some point, it realized buying City Hall was easier - and cheaper - than fighting it.

Tue, 02/03/2015 - 14:12 | 5739576 disabledvet
disabledvet's picture

There are no shortage of dollars or dollar creation even.

 

Treasury is now financing the debt with 30 day, 60 day and one year paper now.

 

Go ahead....nuke the credit markets all you crazy speculators!

 

The Treasury doesn't care if you blow up your banks again.

Tue, 02/03/2015 - 14:30 | 5739698 RaceToTheBottom
RaceToTheBottom's picture

Eric Holder is threatening the S&P if they don't go after the Euro banks.....  The alternative is that we begin to belive that WS Banks are the problems...  Oh  no cannot have that...

Tue, 02/03/2015 - 14:05 | 5739551 disabledvet
disabledvet's picture

I thought counterfeiting was illegal?

 

Just a "downgrade" now?

 

Wow...how the mighty have never risen.

Tue, 02/03/2015 - 14:07 | 5739555 whatthecurtains
whatthecurtains's picture

Surprised HSBC is on the downgrade list.   Money laundering for drug cartels and terrorist groups is on the rise.

Tue, 02/03/2015 - 14:12 | 5739581 agstacks
agstacks's picture

I assume these downgrades were approved?

Tue, 02/03/2015 - 15:45 | 5740064 Bankster Kibble
Bankster Kibble's picture

Yup, timing indicates that was part of the deal to make US Justice Department go away quietly.

Tue, 02/03/2015 - 14:22 | 5739652 2muchtax
2muchtax's picture

Let me save everyone some money. I just downgraded everything except food, lead, and gold.

Tue, 02/03/2015 - 14:24 | 5739663 2muchtax
2muchtax's picture

...and ass, I've got a buy on ass.

Tue, 02/03/2015 - 14:37 | 5739732 sudzee
sudzee's picture

S&P downgrade of Russia seems a little shortsighted. 

Tue, 02/03/2015 - 14:37 | 5739735 Doom and Dust
Doom and Dust's picture

Downgrading Deutsche lol!

Tue, 02/03/2015 - 15:23 | 5739967 indaknow
indaknow's picture

Nobody seems to care. carry on

Tue, 02/03/2015 - 15:27 | 5739984 NoTTD
NoTTD's picture

Any chance, at all, that S&P will not be sued by these banks and every other downgradee with a fleet of lawyers?

Tue, 02/03/2015 - 16:53 | 5740378 Panic Mode
Panic Mode's picture

S & P, you should downgrade your own mother.

Tue, 02/03/2015 - 20:45 | 5741216 Unix
Unix's picture

down down down there's a burning ring of fire

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