Moody’s on Sunday night downgraded Barclays’ credit ratings, saying it expected the UK bank to record ”significant further losses” on credit-related writedowns.
The credit rating agency downgraded Barclays’ long-term debt from Aa1 to Aa3 after reviewing the bank’s prospects in the credit crisis.
“The downgrades reflect Moody’s expectation of potentially significant further losses at Barclays as a result of writedowns on credit market exposures as well as an increase in impairments in the UK,” Moody’s said.
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