Moody's Downgrades U.K. Banks

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.