International rating agencies continue reducing ratings of world financial institutions

The international rating agency S&P has reduced the credit rating of a set of financial institutions, including leading US banks such as  Bank of America, Goldman Sachs and Morgan Stanley, the Associated Press reports.

The rating of the Bank of America and JPMorgan Chase was reduced from A+ to A, Merrill Lynch & Co. Inc., Citigroup Inc., Goldman Sachs, Morgan Stanley had a rating drop from A to A-.

The agency reconsidered the ratings of 37 financial institutions. Ratings were lost by British banks as well: Barclays PLC, HSBC Holdings PLC, Lloyds Banking Group PLC and Royal Bank of Scotland.

The ratings of some European banks, such as Credit Suisse, Deutsche Bank, ING Groep N.V. and Societe Generale, were unchanged.

Moody's, one of the world's top 3 rating agencies, announced a reduction of ratings for 87 European banks in 15 states, most of which are in Spain, Italy, Austria and France.