Credit Rating, Moody's Investors Service | featured news

The U.S. Securities and Exchange Commission staff found "apparent failures" at each of the 10 credit rating agencies it examined, including Standard & Poor's and Moody's, the agency said on Friday in its first annual report of credit raters.

President Barack Obama's deficit reduction plan would be positive for U.S. ratings but chances of its implementation are "extremely low," Moody's Investors Service said on Monday.

Moody's downgraded Bank of America's and Wells Fargo's long-term ratings and the short-term ratings of Citigroup, saying it believes the U.S. government is less likely to support the banks if needed.

European stock futures declined Wednesday as Moody’s Investors Service downgraded Societe Generale SA and Credit Agricole SA and Chinese Premier Wen Jiabao said developed nations should not rely on China to bail them out. U.S. futures and Asian shares dropped.

Moody's Investors Service cut the rating on Japan's government debt by one notch to Aa3, its fourth-highest rating, blaming large budget deficits and the build-up of debt.

Ratings agency Moody's warned on Thursday it would consider cutting the United States' coveted top-notch credit rating if the White House and Congress do not make progress by mid-July in talks to raise the debt limit.

Move echoes that of Fitch Ratings earlier in the week.