Moody's downgrades Barclays and Lloyds

Moody's has cut its rating on the guaranteed debt of Barclays and Lloyds following the downgrade of the UK's credit rating last week.

The ratings agency downgraded Barclays and Lloyds from AAA to Aa1, following the UK's own downgrade from AAA to Aa1 last week. Moody's has downgraded the backed senior unsecured ratings of Barclays and Lloyds, guaranteed by the UK government's National Loan Guarantee Scheme (NLGS), as a reflection of its decision to downgrade the UK to Aa1 on Friday. However, the downgrade does not weaken the bank's standalone credit profile, Moody's added. "Moody's does not consider the weakening of the UK government's credit profile has any implications for the standalone strength of Barclays or ...