Bank of America now precisely at $5.00 following an after hours downgrade from A to A-. We note that BofA's CDS widened 10bps today while MER CDS widened 18bps and notably wider (we haven't seen runs post downgrade) and we wonder how this will impact the firm's huge derivative book which was recently moved to the Bank's higher rated, and deposit backed unit for its better rating support. In fact, following such a drastic action, it is quite likely that derivatives units across the board will see counterparties scrambling to demand a far greater cash cushion for fears of the same downgrade waterfalls that took down AIG and MF Global.

Standard & Poor's Ratings Services today said it reviewed its ratings on 37 of the largest financial institutions in the world by applying its new ratings criteria for banks, which were published on Nov. 9, 2011. See the Ratings List for the ratings on these banks, their core and highly strategic subsidiaries, and other subsidiaries that we took rating actions on as a result of applying our new criteria to their parents. We will review all ratings that we placed on CreditWatch within 90 days. Ratings on CreditWatch are designated as Watch Neg or Watch Pos in the list below.

We will publish individual research updates on the bank groups identified below, including a list of ratings on affiliated entities, as well as the ratings by debt type--senior, subordinated, junior subordinated, and preferred stock. The research updates will be available at S&P - Bank Ratings Framework and on RatingsDirect on the Global Credit Portal. Ratings on specific issues will be available on RatingsDirect on the Global Credit Portal and www.standardandpoors.com.

Standard & Poor's will be hosting two teleconferences to discuss the application of the newly revised criteria and the related ratings actions. See the teleconference information below the Ratings List.
Full list of every bank and security downgraded:



Standard And Poors Reviews 37 Global Banks, Downgrades Bulk - Full List Attached | ZeroHedge

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SAN y BBVA tienen mucho pisito y mucha deuda pública española.

S&P ya sabe cuál es el valor real de esos activos.

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Ayer amenazó a ochenta y pico bancos y otros tantos gobiernos, le toca a Francia.

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Fusón de hilos.....

Santander España, Santander México, Santander Brasil.......

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estaba descontado...

Es curioso. Le rebajan rating a BBVA (y no a SAN), y sin embargo,s u rating sigue por encima de grandes bancos alemanes como el Deutsche bank o el Commerz bank. Habría que airear estos trapos sucios de la banca germana..............

Mañana sube la bolsa... Lo que digan las agencias americanas se la pela a Europa.

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Pon en español

Bueno, teniendo en cuenta el peso que tienen en Sudamérica, la triple BBB brasileña canta mucho.

Los bancos alemanes ya airearon mucha mierda cuando tocaba, mientras aquí se presumía de fortaleza e inmunidad bancaria, el commerzbank era intervenido por Alemania hasta la médula, de hecho ahora es un banco mitad público.

Era una noticia esperada, pero encajarla siempre cuesta.

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