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03. Moody's cuts BofA, Merrill Lynch on quarterly losses
4:16 PM ET, Jan 16, 2009 - By Sue ChangSAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Friday lowered the debt ratings of Bank of America Corp. and Merrill Lynch & Co. to A1 from Aa3. The downgrade follows the disclosure of substantial losses at Merrill Lynch in the fourth quarter and more modest losses at Bank of America. "Moody's views positively the actions taken by Bank of America to limit further losses in the asset pool, to bolster its Tier 1 capital, and to cut its common dividend. However, in light of the magnitude of losses at Merrill Lynch, Moody's has concerns that the risk management challenges at Merrill Lynch extend beyond the pool of assets on which Bank of America is receiving government protection," said David Fanger, Moody's senior vice president.
05. Moody's may cut Citi, notes concerns over preferred dividend
3:49 PM ET, Jan 16, 2009 - By Sue ChangSAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Friday placed Citigroup Inc.'s long-term debt rating of A2 as well as its Prime-1 short-term rating under review for possible downgrade. Moody's also lowered its ratings on preferred stock issued by Citigroup to Baa3 from Baa2 due to greater possibility that preferred dividends could be deferred. "Citigroup's current preferred dividend payments are a hurdle for future capital generation, especially when considering Citigroup's poor earnings prospects for 2009," said Sean Jones, Moody's senior vice-president. The review will focus on the potential for and possible implications of further systemic support, Citi's financial prospects, and the credit implications of its strategic initiatives. Citi earlier Friday reported a net loss of $8.29 billion, or $1.72 a share, and said it will realign into two units.
03. Moody's cuts BofA, Merrill Lynch on quarterly losses
4:16 PM ET, Jan 16, 2009 - By Sue ChangSAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Friday lowered the debt ratings of Bank of America Corp. and Merrill Lynch & Co. to A1 from Aa3. The downgrade follows the disclosure of substantial losses at Merrill Lynch in the fourth quarter and more modest losses at Bank of America. "Moody's views positively the actions taken by Bank of America to limit further losses in the asset pool, to bolster its Tier 1 capital, and to cut its common dividend. However, in light of the magnitude of losses at Merrill Lynch, Moody's has concerns that the risk management challenges at Merrill Lynch extend beyond the pool of assets on which Bank of America is receiving government protection," said David Fanger, Moody's senior vice president.
05. Moody's may cut Citi, notes concerns over preferred dividend
3:49 PM ET, Jan 16, 2009 - By Sue ChangSAN FRANCISCO (MarketWatch) -- Moody's Investors Service on Friday placed Citigroup Inc.'s long-term debt rating of A2 as well as its Prime-1 short-term rating under review for possible downgrade. Moody's also lowered its ratings on preferred stock issued by Citigroup to Baa3 from Baa2 due to greater possibility that preferred dividends could be deferred. "Citigroup's current preferred dividend payments are a hurdle for future capital generation, especially when considering Citigroup's poor earnings prospects for 2009," said Sean Jones, Moody's senior vice-president. The review will focus on the potential for and possible implications of further systemic support, Citi's financial prospects, and the credit implications of its strategic initiatives. Citi earlier Friday reported a net loss of $8.29 billion, or $1.72 a share, and said it will realign into two units.
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