Quick Blow by Blow of the Moody’s Bank Downgrades, Not So Bad After All

24/7 Wall St. is throwing up a cheat sheet to show what the downgrade on each bank was, as well as the initial reaction in the shares: JP Morgan Chase & Co. (NYSE: JPM) was down 2.1% at $35.69 right before the close and the stock is up 1.2% at $35.95; Bank of America (NYSE: BAC) was down 3.6% at $7.84 right before the close and the stock is up 1.6% at $7.95; Citigroup, Inc. (NYSE: C) was down 2.8% at $28.03 late in the day and the stock is up 0.6% at $28.00; Wells Fargo & Company (NYSE: WFC) was down only 0.7% at $32.58 late in the day and shares are up 0.2% at $32.40. Goldman Sachs Group Inc. (NYSE: GS) was down 2.3% at $94.33 late in the day and shares are up 0.6% at $94.46; Morgan Stanley (NYSE: MS) closed down 1.7% at $13.96 and the stock is now up 3.5% at $14.45.

Here is a combined cheat sheet on each of the downgrades, minus a couple of banks that do not trade here. Moody’s has taken action on the following holding company ratings and on the operating company ratings:

Bank of America Corporation (NYSE: BAC): Long-term senior unsecured debt to Baa2 from Baa1, outlook negative; Short-term P-2 affirmed; OPERATING COMPANY: Long-term deposit rating to A3 from A2, outlook stable; Short-term to P-2 from P-1.

Barclays plc (NYSE: BCS): Long-term issuer rating to A3 from A1, outlook negative; Short-term to P-2 from P-1; OPERATING: Long-term issuer rating to A2 from Aa3, outlook negative; Short-term P-1 affirmed.

Citigroup Inc. (NYSE: C) Long-term senior debt to Baa2 from A3, outlook negative; short-term P-2 affirmed; CITIBANK OPERATING: Long-term deposit rating to A3 from A1, outlook stable; Short-term to P-2 from P-1.

Credit Suisse Group AG (NYSE: CS): Provisional senior debt to (P)A2 from (P)Aa2, outlook stable; Provisional Short-term (P)P-1 affirmed; OPERATING: Long-term deposit and senior debt rating to A1 from Aa1, outlook stable; Short-term P-1 affirmed.

Deutsche Bank AG (NYSE: DB) OPERATING RATING: Long-term deposit rating to A2 from Aa3, outlook stable; Short-term P-1 affirmed

The Goldman Sachs Group, Inc. (NYSE: GS): Long-term senior unsecured debt to A3 from A1, outlook negative; Short-term to P-2 from P-1; OPERATING (BANK USA): Long-term deposit rating to A2 from Aa3, outlook stable; Short-term P-1 affirmed.

HSBC Holdings plc (NYSE: HBC): Long-term senior debt to Aa3 from Aa2, outlook negative; Provisional Short-term (P)P-1 affirmed; HSBC Bank plc: Long-term deposit rating to Aa3 from Aa2, outlook negative; Short-term P-1 affirmed.

JPMorgan Chase & Co. (NYSE: JPM): Long-term senior debt to A2 from Aa3, outlook negative; Short-term P-1 affirmed; CHASE OPERATING: Long-term deposit rating to Aa3 from Aa1, outlook stable; Short-term P-1 affirmed

Morgan Stanley (NYSE: MS): Long-term senior unsecured debt to Baa1 from A2; outlook negative; Short-term to P-2 from P-1; OPERATING: Long-term deposit rating to A3 from A1, outlook stable; Short-term to P-2 from P-1.

Royal Bank of Canada (NYSE: RBC): Long-term deposit rating to Aa3 from Aa1, outlook stable; Short-term P-1 affirmed .

Royal Bank of Scotland Group plc (NYSE: RBS): Long-term senior debt to Baa1 from A3, outlook negative; Short-term P-2 affirmed. OPERATING: Long-term deposit rating to A3 from A2; outlook negative; Short-term to P-2 from P-1.

UBS AG (NYSE: UBS) Operating: Long-term debt and deposit to A2 from Aa3, outlook stable; Short-term P-1 confirmed.

JON C. OGG