RBS shares sink, S&P cuts credit rating
uk.reuters.com
 LONDON (Reuters) - Credit ratings agency S&P cut its rating on Royal Bank of Scotland (RBS.L: Quote, Profile, Research) on Monday, citing
earnings and further writedown risks, just as its shares tumbled 20 percent as Europe's banks were hit by deepening gloom.
Standard & Poor's Ratings Services cut its long- and short-term credit ratings on RBS to 'A+/A-1' from 'AA-/A-1+'. (visit the link for
the full news article)
Related News Links:
www.bloomberg.com
finance.google.ca
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Mod Edit: Title fixed to reflect original article
Mod Edit: Breaking News Forum Submission Guidelines – Please Review This Link.
[edit on 7/10/2008 by Badge01]
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Royal Bank of Scotland could be in for some very rough times today. Take a look at today's trading and you'll see they are already down by nearly
10%.
A lot of predictions have been made about today. Could the collapse of RBS be the trigger event?
Interesting to note the gains experienced in the FTSE in early trading have been almost completely wiped out.
What are your thoughts people?
----I'm a long time reader and first time poster, so apologies if I screw up any of the links on my post.
uk.reuters.com
(visit the link for the full news article)
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Mod Edit: Title fixed to reflect original article
[edit on 7/10/2008 by Badge01]
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reply to post by liketoknow
I'll be curious to see who buys them out at a fraction of their worth. I think that as this unfolds we will start to see who is pulling the strings.
JPMorgan seems to be making out pretty well in this whole thing. Let's see where everything gets consolidated to and then see just how much
involvement they had in the whole ordeal.
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reply to post by liketoknow
RBS will be the next, that seems to be indeed the case. The only it will trigger is a further rant from Salmond... 
And unfortunatelly , probably loads more unemployment in Scotland.
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Mod Edit: quote removed, 'reply to' linked
[edit on 7/10/2008 by Badge01]
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Yep RBS dropping is extremely bad for Europe indeed. Bad for USA too as the sentiment carries overseas when extreme. Might see Bank of America react
negatively today, if it still exists! (I don't know who's around anymore)
Today will be a classic DEAD CAT BOUNCE in terms of gains on positive exchanges, if any.
Usually on the way up, there is a brief pullback and a massive upward trend shortly thereafter.
Down works the same in a crash, it dives then rises and then nose dives.
We are talking short term pain, at least, so the motions will be daily extremes.
I don't care if the market goes up 2000 on any exchange today, it's coming down 4000 either way as I see it. I don't mean exact numbers but the
ratio 1 up 2 down probably till Friday.
I just hope we get out of this damn rut soon.
[edit on 7-10-2008 by Atlantican]
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Interesting enough, RBS predicted back in about mid summer, that the American economy was going to do into a meltdown this fall.
I wonder if they knew from their books, or if TPTB are making them "pay" for that leak now, or if it is just "stuff happens"?
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