Moody's downgrades Close Bros, Lloyds Offshore - Spear's Magazine

Moody’s downgrades Close Bros, Lloyds Offshore

Ratings agency Moody’s has downgraded the outlook on UK banks Close Brothers and Lloyds TSB Offshore Limited from stable to negative.

Ratings agency Moody’s has downgraded the outlook on UK banks Close Brothers and Lloyds TSB Offshore Limited from stable to negative.

The ratings outlook on Clydesdale Bank, Standard Bank and Co-Operative Bank were also downgraded.

The agency said the moves are “primarily triggered by our concern that the global economic crisis will lead to significantly higher credit losses than previously anticipated, and our continued expectation of both parental and systemic support for the senior obligations of some of these banks where appropriate.”

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