The following is an excerpt of the press release issued by Moody's Investors Service.

New York, June 21, 2012 – Moody's Investors Service today repositioned the ratings of 15 banks and securities firms with global capital markets operations. The long-term senior debt ratings of 4 of these firms were downgraded by 1 notch, the ratings of 10 firms were downgraded by 2 notches and 1 firm was downgraded by 3 notches. In addition, for four firms, the short-term ratings of their operating companies were downgraded to Prime-2. All four of those firms also now have holding company short-term ratings at Prime-2. The holding company short-term ratings of another two firms were downgraded to Prime-2 as well.

"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities", says Moody's Global Banking Managing Director Greg Bauer. "However, they also engage in other, often market leading business activities that are central to Moody's assessment of their credit profiles. These activities can provide important 'shock absorbers' that mitigate the potential volatility of capital markets operations, but they also present unique risks and challenges." The specific credit drivers for each affected firm are summarized below.

Today’s rating actions conclude the review initiated on 15 February 2012 when Moody's announced a ratings review prompted by its reassessment of the volatility and risks that creditors of firms with global capital markets operations face. In the past, these risks have led many institutions to fail or to require outside support, including several firms affected by today's rating actions. Today's actions, however, reflect not only the credit implications of capital markets operations. They also reflect (i) the size and stability of earnings from non-capital markets activities of each firm, (ii) capitalization, (iii) liquidity buffers, and (iv) other considerations, including, as applicable, exposure to the operating environment in Europe, any record of risk management problems, and risks from exposure to US residential mortgages, commercial real estate or legacy portfolios.

Overview of Today’s Rating Actions

Moody's has taken action on the following holding company ratings:

• Bank of America Corporation - Long-term senior unsecured debt to Baa2 from Baa1, outlook negative; Short-term P-2 affirmed.
• Barclays plc - Long-term issuer rating to A3 from A1, outlook negative; Short-term to P-2 from P-1.
• Citigroup Inc. - Long-term senior debt to Baa2 from A3, outlook negative; short-term P-2 affirmed.
• Credit Suisse Group AG - Provisional senior debt to (P)A2 from (P)Aa2, outlook stable; Provisional Short-term (P)P-1 affirmed.
• The Goldman Sachs Group, Inc. - Long-term senior unsecured debt to A3 from A1, outlook negative; Short-term to P-2 from P-1.
• HSBC Holdings plc - Long-term senior debt to Aa3 from Aa2, outlook negative; Provisional Short-term (P)P-1 affirmed.
• JPMorgan Chase & Co. - Long-term senior debt to A2 from Aa3, outlook negative; Short-term P-1 affirmed.
• Morgan Stanley - Long-term senior unsecured debt to Baa1 from A2; outlook negative; Short-term to P-2 from P-1.
• Royal Bank of Scotland Group plc - Long-term senior debt to Baa1 from A3, outlook negative; Short-term P-2 affirmed.

Moody's has taken action on the following operating company ratings:

• Bank of America, N.A. - Long-term deposit rating to A3 from A2, outlook stable; Short-term to P-2 from P-1.
• Barclays Bank plc - Long-term issuer rating to A2 from Aa3, outlook negative; Short-term P-1 affirmed.
• BNP Paribas - Long-term debt and deposit rating to A2 from Aa3; outlook stable; Short-term P-1 affirmed.
• Citibank, N.A. - Long-term deposit rating to A3 from A1, outlook stable; Short-term to P-2 from P-1.
• Credit Agricole S.A. - Long-term debt and deposit rating to A2 from Aa3, outlook negative; Short-term P-1 affirmed.
• Credit Suisse AG - Long-term deposit and senior debt rating to A1 from Aa1, outlook stable; Short-term P-1 affirmed.
• Deutsche Bank AG - Long-term deposit rating to A2 from Aa3, outlook stable; Short-term P-1 affirmed.
• Goldman Sachs Bank USA - Long-term deposit rating to A2 from Aa3, outlook stable; Short-term P-1 affirmed.
• HSBC Bank plc - Long-term deposit rating to Aa3 from Aa2, outlook negative; Short-term P-1 affirmed.
• JPMorgan Chase Bank, N.A. - Long-term deposit rating to Aa3 from Aa1, outlook stable; Short-term P-1 affirmed.
• Morgan Stanley Bank, N.A. - Long-term deposit rating to A3 from A1, outlook stable; Short-term to P-2 from P-1.
• Royal Bank of Canada - Long-term deposit rating to Aa3 from Aa1, outlook stable; Short-term P-1 affirmed.
• Royal Bank of Scotland plc - Long-term deposit rating to A3 from A2; outlook negative; Short-term to P-2 from P-1.
• Societe Generale - Long-term debt and deposit to A2 from A1; outlook stable; Short-term P-1 affirmed.

Read the full Moody’s Investors Service Press Release.