Moody's Investors Service has placed on review for downgrade 14 financial institutions in Jordan, Lebanon, Pakistan and Ukraine, whose standalone credit assessments are currently positioned above their domicile countries' sovereign debt ratings.
Today's announcements reflect Moody's revised assessment of the linkage between the credit profiles of sovereigns and financial institutions globally, which is further discussed in the rating implementation guidance "How Sovereign Credit Quality May Affect Other Ratings" published on 13 February, 2012.
Consistent with this guidance, Moody's expects to position the standalone credit assessments of most banks globally at (or below) the rating of the sovereign where the bank is domiciled.
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