Moody’s Downgrades May Slow U.S. Note Sales
U.S. structured note sales may slow further after Moody’s Investors Service lowered ratings on 15 banks last week, as some investors may be barred from buying their securities.
Moody’s downgraded the 11 largest issuers of U.S. structured notes on June 21, with Credit Suisse Group AG dropping the most at three levels to A2, or the sixth-highest investment grade. Bank of America Corp., the largest issuer of the U.S. securities, fell one level to the second-lowest investment grade.