On February 15, Moody's announced that it placed 114 European financial institutions in 16 European countries and another eight banks and securities firms on review for downgrade. Reasons cited by Moody's for the rating actions is a combination of the situation in Europe and/or the environment faced by Global Capital Market Intermediaries (GCMI). Moody's has already started the downgrade cycle and expects to conclude the reviews for downgrade by mid- June. However, recent events relating to unnecessary risks taken by a major bank's treasury unit in the United States may delay the conclusion of the rating actions.
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