S&P downgrades Barclays, Credit Suisse and Deutsche Bank

Standard & Poor's has cut the credit ratings of Barclays, Credit Suisse and Deutsche Bank due to "uncertain market conditions".

The ratings agency cut the long-term counterparty credit ratings of the three major European banks on Tuesday from A+ to A. In a statement, S&P said: "We consider that these banks' debtholders face heightened credit risk owing to the industry's tighter regulation, fragile global markets, stagnant European economies and rising litigation risk stemming from the financial crisis. "A large number of global regulatory initiatives are increasingly demanding for capital market operations." As a result Barclays' share price has plummeted 4.5% in early morning trading to 270p, making it one...