April 29 Ratings agency Standard & Poors said it
has downgraded 15 European banks, including Barclays
Credit Suisse and Deutsche Bank, after
European lawmakers agreed on a framework that prevents
governments from having to bail out troubled banks.
The European Parliament signed off this month on new laws to
make it easier - and less costly for taxpayers - to wind down
problem banks, after long wrangling over rules for an industry
blamed for triggering the worst economic slump in a generation.
S&P said extraordinary government support for these banks
would likely diminish as regulators implement the reforms,
downgrading them to 'negative' from 'stable.
The banks, many of which are systemically important, also
included ABN AMRO, Bank Of Ireland and ING Bank.
"We observe similar powers coming into force in
Liechtenstein and Norway, and already in place in Switzerland,
which are not EU members," the ratings agency added.
S&P also raised its ratings on Danske Bank and
Argenta Spaarbank, while keeping 'negative' outlooks
on 38 banks and 'stable' outlooks on 15 banks. It maintained its
CreditWatch rating on five banks, with negative implications.
(Reporting by Richa Naidu in Bangalore; Editing by David