Moody’s Said To Downgrade Many U.K. Banks Momentarily

I have learned that the credit rating agency Moody’s will announce on Tuesday that it is considering downgrading the creditworthiness of more than a dozen British financial institutions to reflect the eventual withdrawal of Government support for the banking industry.

I am told that Moody’s, one of the big three global rating agency groups, will say in a statement to the stock exchange that it has placed 14 of the 18 banks and building societies it covers on review for downgrade.

People close to Moody’s told me tonight that more than one of the big four UK banks, including Lloyds Banking Group, were among the institutions being put on review for downgrade.

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