Barclays, Credit Suisse and Deutsche Bank credit ratings slashed by S&P

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Standard & Poor’s has downgraded the credit ratings of Barclays, Credit Suisse and Deutsche Bank due to “uncertain market conditions.”

The long-term counterpart credit ratings of all three banks was cut from A+ to A.

A spokesperson for S&P says: “We consider that these banks’ debtholders face heightened credit risk owing to the industry’s tighter regulation, fragile global markets, stagnant European economies and rising litigation risk stemming from the financial crisis.

“A large number of global regulatory initiatives are increasingly demanding for capital market operations.”