Standard & Poor's announced Tuesday it is cutting the credit ratings of three major European banks: Credit Suisse Group AG (NYSE:CS), Barclays PLC (NYSE:BCS) (LON:BARC) and Deutsche Bank AG (NYSE:DB) (ETR:DBK).
Bank Ratings Downgraded
The ratings agency downgraded all three banks to A from A+, citing greater regulation and uncertain market conditions.
In a statement, S&P 500 (INDEXSP:.INX) said the ratings action was due to "increasing risks that Europe's large banking groups active in investment banking face as regulators and uncertain market conditions continue to make operating in the industry more difficult."
The ratings agency also affirmed the A/A-1 long- and short-term ratings on Swiss bank UBS AG (NYSE:UBS).
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