From Bloomberg this morning: downgrades of major banks. This will hurt early investors in the new capital structures and continue to pressure borrowing costs.
Damn rating agencies. If they had only done their job before this mess began we would have avoided this scale of disaster. Now they feel compelled to do things properly, and they are perpetuating it. Damned if they do and damned if they don’t.
Goldman, UBS, Deutsche Are Among Banks Lowered by S&P
Elena Logutenkova, Bloomberg, December 19, 2008