Financial Services Industry
Industry: Email Alert RSS FeedRatings agencies slow to respond, says banking analyst.
Financial Adviser, April, 2008
Byline: Leah Milner
Ratings agencies' speed of response to the market downturn has been "woeful", a banking analyst has claimed
A banking analyst has criticised ratings agency's speed of reaction to market movements as "woeful", following the recent downgrades of several banks and building societies.
Over the past two weeks, Derbyshire Building society and Alliance & Leicester have both been downgraded by Moody's and Britannia Building Society has had its outlook revised to negative by Standard & Poor's.
Moody's said its downgrade of Derbyshire was due to the building society's relatively high exposure to specialised segments of the UK mortgage market, including sub-prime, self-certification and buy-to-let, which have not been...
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