Moody’s downgrades banks after JDA U-turn

Moody’s has downgraded nearly half of the 101 banks it upgraded when it rolled out its troubled joint default analysis (JDA) methodology in February.

The agency revised the debt and deposit ratings of 44 banks down again after it tinkered with the methodology used to assess external support for financial institutions.

Twenty-nine banks were downgraded by one notch; 12 by two notches. The three Icelandic banks, Glitnir, Kaupthing and Landsbanki, whose upgrades had attracted the most criticism in

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