S&P Cuts European Banks on Rules Forcing Losses on Bondholders

Six European banks, including Credit Suisse Group AG and HSBC Holdings Plc, had their ratings cut by Standard & Poor’s on the prospect that their governments are less likely to provide aid in a crisis.

Barclays Plc and Lloyds Banking Group Plc also had the long-term ratings on their holding companies reduced. Standard Chartered Plc and Royal Bank of Scotland Group Plc had their short-term ratings lowered as well, S&P said in a statement Tuesday. Deutsche Bank AG was among other six banks in Germany and Austria that may have their credit ratings cut, S&P said.