S&P downgrades credit ratings on dozens of global banks

Standard & Poor’s cut its credit ratings on several large banks as part of its review of the way that it calculates the ratings. The downgrades on Tuesday included five large banks: Bank of AmericaCitigroupGoldman Sachs, Morgan Stanley and Wells Fargo. 
S&P said it reviewed its ratings on 37 financial institutions.

Top U.K. downgrades include Barclays, HSBC Holdings, Lloyds Banking Group and The Royal Bank of Scotland.

Ratings for several big European banks, including Credit Suisse, Deutsche Bank, ING and Societe Generale are unchanged.

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