Swiss Cantonal Bank Cut by S&P Amid Risk of U.S. Legal Costs
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Basler Kantonalbank, one of at least 12 banks being probed by the U.S. for allegedly helping Americans dodge taxes, was downgraded by Standard & Poor’s, which cited the risk of a “material” one-time legal cost.
S&P lowered its senior unsecured debt rating on the third-largest of Switzerland’s 24 regional banks to AA from AA+, the New York-based firm said in an e-mailed statement today.