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Reply #17: Moody's changes Citigroup outlook to negative [View All]

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Apr-18-08 07:03 AM
Response to Reply #6
17. Moody's changes Citigroup outlook to negative

LONDON, April 18 (Reuters) - Moody's Investors Service on Friday affirmed Citigroup Inc's (C.N: Quote, Profile, Research) ratings but changed the outlook to negative after investment bank charges came in higher than the ratings agency expected.

Moody's said it could downgrade Citigroup -- whose senior unsecured debt is rated Aa3, the fourth-highest investment-grade rating -- if the bank's capital ratios declined further due to continued losses.

Citigroup, the largest U.S. bank, on Friday posted its second straight quarterly loss, hurt by more than $15 billion in write-downs and increased reserves for credit losses.

Moody's said it had affirmed the bank's ratings as its regulatory capital surplus remained sizeable despite the losses.

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