Barclays, HSBC, RBS have ratings cut by S&P

Standard & Poor’s has downgraded a number of UK and European banks on Tuesday.

Barclays and Lloyds were lowered by two notches to ‘BBB’, while Royal Bank of Scotland was downgraded two notches to ‘BBB-‘ and S&P cut HSBC by a notch to ‘A’.

Standard Chartered was downgraded one level to ‘A-‘, while the rating agency warned Deutsche Bank that it was in danger to lose its 'A' rating, as the prospect of "extraordinary government support" appeared less likely, after bail-in legislations were recently approved.