A question mark over US banks

Moody's hit to the ratings of five big US banks raises some serious questions about either the Fed's stress tests, which have shown improving strength in the system, or the approach of the ratings agency.

Perhaps the major surprise in the decision by Moody’s to cut the credit ratings of 15 of the world’s key banks that contributed to the tremors in financial markets overnight was that among them there are half a dozen of the big North American banks.

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