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무디스 15개 주요은행 등급 강등 원문

기사입력 : 2012년06월22일 07:10

최종수정 : 1970년01월01일 09:00

다음은 신용평가사 무디스가 22일 발표한 글로벌 자본시장 영업을 영위하는 주요 15개은행에 대한 등급 강등 발표문이다.


Moody's downgrades firms with global capital markets operations

Global Credit Research - 21 Jun 2012
Actions conclude review initiated on 15 February 2012
New York, June 21, 2012 -- Moody's Investors Service today repositioned the ratings of 15 banks and securities firms with global capital markets operations. The long-term senior debt ratings of 4 of these firms were downgraded by 1 notch, the ratings of 10 firms were downgraded by 2 notches and 1 firm was downgraded by 3 notches. In addition, for four firms, the short-term ratings of their operating companies were downgraded to Prime-2. All four of those firms also now have holding company short-term ratings at Prime-2. The holding company short-term ratings of another two firms were downgraded to Prime-2 as well.


"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities", says Moody's Global Banking Managing Director Greg Bauer. "However, they also engage in other, often market leading business activities that are central to Moody's assessment of their credit profiles. These activities can provide important 'shock absorbers' that mitigate the potential volatility of capital markets operations, but they also present unique risks and challenges." The specific credit drivers for each affected firm are summarized below.


Today's rating actions conclude the review initiated on 15 February 2012 when Moody's announced a ratings review prompted by its reassessment of the volatility and risks that creditors of firms with global capital markets operations face. In the past, these risks have led many institutions to fail or to require outside support, including several firms affected by today's rating actions. Today's actions, however, reflect not only the credit implications of capital markets operations. They also reflect (i) the size and stability of earnings from non-capital markets activities of each firm, (ii) capitalization, (iii) liquidity buffers, and (iv) other considerations, including, as applicable, exposure to the operating environment in Europe, any record of risk management problems, and risks from exposure to US residential mortgages, commercial real estate or legacy portfolios.


OVERVIEW OF TODAY'S RATING ACTIONS

Moody's has taken action on the following holding company ratings:

Bank of America Corporation

Long-term senior unsecured debt to Baa2 from Baa1, outlook negative; Short-term P-2 affirmed


Barclays plc

Long-term issuer rating to A3 from A1, outlook negative; Short-term to P-2 from P-1


Citigroup Inc.

Long-term senior debt to Baa2 from A3, outlook negative; short-term P-2 affirmed


Credit Suisse Group AG

Provisional senior debt to (P)A2 from (P)Aa2, outlook stable; Provisional Short-term (P)P-1 affirmed


The Goldman Sachs Group, Inc.

Long-term senior unsecured debt to A3 from A1, outlook negative; Short-term to P-2 from P-1


HSBC Holdings plc

Long-term senior debt to Aa3 from Aa2, outlook negative; Provisional Short-term (P)P-1 affirmed


JPMorgan Chase & Co.

Long-term senior debt to A2 from Aa3, outlook negative; Short-term P-1 affirmed


Morgan Stanley

Long-term senior unsecured debt to Baa1 from A2; outlook negative; Short-term to P-2 from P-1


Royal Bank of Scotland Group plc

Long-term senior debt to Baa1 from A3, outlook negative; Short-term P-2 affirmed


Moody's has taken action on the following operating company ratings:

Bank of America, N.A.

Long-term deposit rating to A3 from A2, outlook stable; Short-term to P-2 from P-1


Barclays Bank plc

Long-term issuer rating to A2 from Aa3, outlook negative; Short-term P-1 affirmed


BNP Paribas

Long-term debt and deposit rating to A2 from Aa3; outlook stable; Short-term P-1 affirmed


Citibank, N.A.

Long-term deposit rating to A3 from A1, outlook stable; Short-term to P-2 from P-1


Credit Agricole S.A.

Long-term debt and deposit rating to A2 from Aa3, outlook negative; Short-term P-1 affirmed


Credit Suisse AG

Long-term deposit and senior debt rating to A1 from Aa1, outlook stable; Short-term P-1 affirmed


Deutsche Bank AG

Long-term deposit rating to A2 from Aa3, outlook stable; Short-term P-1 affirmed


Goldman Sachs Bank USA

Long-term deposit rating to A2 from Aa3, outlook stable; Short-term P-1 affirmed


HSBC Bank plc

Long-term deposit rating to Aa3 from Aa2, outlook negative; Short-term P-1 affirmed


JPMorgan Chase Bank, N.A.

Long-term deposit rating to Aa3 from Aa1, outlook stable; Short-term P-1 affirmed


Morgan Stanley Bank, N.A.

Long-term deposit rating to A3 from A1, outlook stable; Short-term to P-2 from P-1


Royal Bank of Canada

Long-term deposit rating to Aa3 from Aa1, outlook stable; Short-term P-1 affirmed


Royal Bank of Scotland plc

Long-term deposit rating to A3 from A2; outlook negative; Short-term to P-2 from P-1


Societe Generale

Long-term debt and deposit to A2 from A1; outlook stable; Short-term P-1 affirmed


UBS AG

Long-term debt and deposit to A2 from Aa3, outlook stable; Short-term P-1 confirmed.


RATINGS RATIONALE -- STANDALONE CREDIT DRIVERS

Moody's assessment of each firm's standalone credit profile led to the following relative positioning of the firms:


--FIRST GROUP

The first group of firms includes HSBC, Royal Bank of Canada and JPMorgan. Capital markets operations (and the associated risks) are significant for these firms. However, these institutions have stronger buffers, or 'shock absorbers,' than many of their peers in the form of earnings from other, generally more stable businesses. This, combined with their risk management through the financial crisis, has resulted in lower earnings volatility. Capital and structural liquidity are sound for this group, and their direct exposure to stressed European sovereigns and financial institutions is contained.

Firms in this group now have standalone credit assessments of a3 or better (on a scale from aaa, highest, to c, lowest). Their main operating companies now have deposit ratings of Aa3, and their holding companies, where they exist, have senior debt ratings between Aa3 and A2. Their short-term ratings are Prime-1 at both the operating and holding company level.


--SECOND GROUP

The second group of firms includes Barclays, BNP Paribas, Credit Agricole SA (CASA), Credit Suisse, Deutsche Bank, Goldman Sachs, Societe Generale and UBS. Many of these firms rely on capital markets revenues to meet shareholder expectations. Their relative position reflects a combination of differentiating and sometimes adverse factors. Capital markets operations constitute a large part of the overall franchises for Credit Suisse, Goldman Sachs, Barclays, and Deutsche Bank, but less so for UBS, Societe Generale, BNP Paribas and CASA's cooperative group, Groupe Credit Agricole.


Other factors contribute to the relative positioning. For example, Barclays, BNP Paribas and Groupe Credit Agricole have, to varying degrees, relatively robust shock absorbers. Exposure to capital markets businesses is very high for Goldman Sachs, but this is balanced by a record of effective risk management. Barclays, BNP Paribas, Groupe Credit Agricole, and Deutsche Bank also have sizeable but varying degrees of exposure to weaker European economies. Some firms are relatively weak with regard to structural liquidity or reliance on wholesale funding.

Firms in this group now have standalone credit assessments of baa1 or baa2. Their deposit ratings range between A1 and A2, and their short-term ratings are Prime-1 at the operating company level. Their holding companies, where they exist, have senior debt ratings between A2 and A3 and short-term ratings between Prime-1 and Prime-2.


--THIRD GROUP

The third group of firms includes Bank of America, Citigroup, Morgan Stanley, and Royal Bank of Scotland. The capital markets franchises of many of these firms have been affected by problems in risk management or have a history of high volatility, while their shock absorbers are in some cases thinner or less reliable than those of higher-rated peers. Most of the firms in this group have undertaken considerable changes to their risk management or business models, as required to limit the risks from their capital markets activities. Some are implementing business strategy changes intended to increase earnings from more stable activities. These transformations are ongoing and their success has yet to be tested. In addition, these firms may face remaining risks from run-off legacy or acquired portfolios, or from noteworthy exposure to the euro area debt crisis.

Firms in this group now have standalone credit assessments of baa3. Their deposit ratings are A3 at the operating company level. Their holding companies, where they exist, have senior debt ratings between Baa1 and Baa2. Their short-term ratings are Prime-2 at both the operating and holding company level.


RATINGS RATIONALE - SENIOR DEBT AND DEPOSITS

Moody's systemic support assumptions for firms with global capital markets operations remain high, given their systemic importance, and have not been a key driver of today's rating actions. While Moody's recognizes the clear intent of governments around the world to reduce support for creditors, the policy framework in many countries remains supportive for now, not least because of the economic stress currently stemming from the euro area and the potential systemic repercussions of large, disorderly bank failures and the difficulty of resolving large, complex and interconnected institutions.

However, reflecting the view that government support is likely to become less certain and predictable over time, Moody's has assigned negative outlooks on certain supported ratings of entities affected by today's actions, particularly at the holding company level, as discussed in detail in the firm-specific summaries below. Moody's view on support considers efforts by policymakers globally to create resolution and bail-in regimes that allow for more flexible and limited support in a stress scenario.


RATINGS RATIONALE -- SUBORDINATED DEBT AND HYBRIDS

In addition, Moody's has today downgraded the subordinated debt and hybrid ratings of the firms whose senior debt ratings have been repositioned. The downgrades reflect the revised senior debt ratings and, in some cases, also the removal of systemic support assumptions from subordinated debt classes. In Moody's view, systemic support in many countries is no longer sufficiently predictable and reliable going forward to warrant incorporating systemic-support driven uplift into these debt ratings.


RATING IMPLICATIONS FOR SOME SUBSIDIARIES WILL BE ASSESSED SEPARATELY

Moody's has also today taken rating actions on a number of subsidiaries and legal entities of firms with global capital markets activities, as summarized below. However, for some other subsidiaries of firms included in today's announcement, Moody's will separately assess the impact of their parents' reduced credit strength.


RATING REVIEWS OF MACQUARIE AND NOMURA WERE CONCLUDED EARLIER

Of the 17 banks and securities firms with global capital market operations that were placed on review for downgrade in February, the reviews of two firms were concluded separately. (계속)

[뉴스핌 베스트 기사]

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[단독] 日 여행객 'K-쌀' 사간다 [세종=뉴스핌] 이정아 기자 = 일본 여행객이 한국을 방문, 한국 쌀을 직접 구매해 들고 나가는 사례가 급증하고 있다. 일본 내 쌀값이 고공행진을 이어가는 가운데 '밥맛 좋은 한국 쌀'이 대체제로 급부상하면서 벌어지는 현상이다. 3일 <뉴스핌>이 입수한 자료에 따르면, 올해 1월부터 6월까지 상반기 동안 일본 여행객이 한국에서 직접 구매해 일본으로 들고 간 국산 쌀은 3만3694kg로 집계됐다. 일본은 지난 2018년부터 휴대식물 반출 시 수출국 검역증을 의무화한 나라로, 병해충과 기생식물 등 식물위생 문제에 매우 엄격하다. 특히 쌀처럼 가공되지 않은 곡류는 검역 과정이 매우 까다롭다. 그럼에도 불구하고 일본 여행객들의 한국산 쌀 열풍은 지속됐다. 지난해 한 해 동안 일본 여행객이 반출한 국산 쌀은 1310kg에 불과했지만, 올해는 상반기에만 무려 25배 이상 급증했다. 같은 기간(2024년 1~6월)으로 비교하면 작년 106kg에서 올해 3만3694kg로 약 318배 증가한 셈이다. 농식품부 관계자는 "일본 여행객들의 '쌀 쇼핑'이 열풍을 불면서 관련 문의가 급증했다"며 "한국쌀이 일본쌀에 비해 맛과 품질이 뒤떨어지지 않는다는 인식이 생기면서 반출되는 양도 많아지고 있다"고 설명했다. 쌀을 화물로 탁송하는 사례도 동반 상승했다. 올해 상반기 기준 화물검역을 통해 일본으로 수출된 국산 쌀은 43만1020kg에 달한다. 지난해 화물 검역 실적이 1.2kg에 그쳤던 것과 비교하면 폭증 상태다. 업계에서는 이번 흐름이 국산 쌀에 대한 일시적 특수로 끝나지 않고 국내에서 정체된 쌀 소비의 새로운 돌파구가 될 수 있을 것으로 내다보고 있다. 임정빈 서울대 농경제학과 교수는 "일본에서 쌀 가격이 두 배 이상 올랐으니 한국에 와서라도 쌀을 구매하는 여행객이 늘어난 것"이라고 짚었다. 이어 "다만 일본의 쌀 관세율이 매우 높기 때문에 한국 쌀의 가격만 보지는 않았을 것"이라며 "국산 쌀의 품질이 높기 때문에 이 부분에서도 합격점이 있을 것"이라고 평가했다. [영종도=뉴스핌] 윤창빈 기자 = 11일 오전 인천국제공항 제1터미널에 중국발 여행객들이 입국하고 있다. 2023.03.11 pangbin@newspim.com 정부 역시 이같은 수요에 대응해 일본 관광객을 대상으로 검역제도 안내·홍보에 나서기로 했다. 현재는 농림축산검역본부를 통한 사전신청, 수출검역, 식물검역증 발급, 일본 통관까지 최소 3단계 이상이 요구된다. 다만 한국 쌀을 일본으로 반출할 때 한국에서 식물검역증을 발급받아야 한다는 사실을 모르는 일본 관광객이 일본에 돌아가 쌀을 폐기하는 일이 생기면서 홍보의 필요성이 대두됐다. 농식품부 고위 관계자는 "지난달 오사카 엑스포 현장 방문을 계기로 일본 농림수산성과 예방할 기회가 주어졌는데 그 자리에서 쌀 검역 문제가 논의됐다"며 "한국 정부는 일본 여행객이 애써 한국 쌀을 구매한 뒤 일본으로 돌아가 폐기하는 일이 없도록 제도 홍보에 만전을 기하겠다"고 전했다. plum@newspim.com 2025-07-03 11:10
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내란특검, 尹재판 증인 72명 신청 [서울=뉴스핌] 김신영 기자 = 12·3 비상계엄 관련 내란 사건을 수사 중인 조은석 특별검사팀이 윤석열 전 대통령의 내란 우두머리 혐의 재판에서 증인 72명을 추가 신청했다. 서울중앙지법 형사합의25부(재판장 지귀연)는 3일 내란우두머리·직권남용권리행사방해 혐의로 재판에 넘겨진 윤 전 대통령의 9차 공판기일을 열었다. 조은석 내란 특별검사. [사진=뉴스핌DB] 특검 측은 앞서 1차로 38명의 증인을 신청한 데 이어 이날 재판부에 증인 72명을 추가로 신청하겠다고 밝혔다.  재판부는 오는 10일 열릴 10차 공판에서는 이날 증인신문을 마치지 못한 고 전 처장에 이어 정성우 전 방첩사 1처장(준장), 김영권 방첩사 방첩부대장(대령)을 불러 신문할 예정이다. 정 전 처장은 여인형 전 방첩사령관으로부터 선관위 전산실 통제와 서버 확보를 지시받은 인물이며 김 부대장은 비상계엄 당일 곽종근 전 육군 특수전사령관이 윤 전 대통령으로부터 지시받을 당시 함께 합참 지휘통제실에 있었던 것으로 알려졌다.  한편 이날 재판에서 윤 전 대통령 측은 조은석 특검이 검찰로부터 사건을 이첩받은 절차가 위법해 무효라고 주장했으나, 특검은 "법과 상식에 비춰봤을 때 납득할 수 없는 주장"이라고 반박하며 신경전을 벌였다.  sykim@newspim.com 2025-07-03 20:47
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