Moody's Downgrades U.K. Banks

    Image #: 15561168    File photos of city bank logos (from top) Santander UK, Nationwide, Royal Bank of Scotland, and Lloyds Banking Group. Britain's beleaguered banks and building societies were dealt another blow today after a debt agency said the decreased likelihood of Government backing made them less credit-worthy.       PA PHOTOS /LANDOV

    Press Association / Landov

    Next up for a credit downgrade: British banks. The credit-rating agency Moody's docked 12 U.K. Banks, including Lloyds TSB Bank and Royal Bank of Scotland, saying that the government is less likely to bail them out. "The downgrades do not reflect a deterioration in the financial strength of the banking system or that of the government," Moody's said in a statement. It did not change its ratings for Barclays and HSBC, which together with RBS and Lloyds represent the four major British banks.

    Read it at Reuters