Moody’s Warns of Further Downgrades: Big Banks

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January 19, 2012 5:55 PM EST

Moody's Investors Service warned Thursday that many European banks and global investment banks are likely to see their credit ratings further downgraded by the agency.

"The expected decline of bank ratings reflects the acceleration of interrelated pressures on the banking sector since the second half of 2011," said Greg Bauer, Moody's global banking managing director, in a statement.

"These pressures most immediately affect global capital markets intermediaries and European banks," Bauer said.