StanChart’s Rating Cut by S&P for First Time in 20 Years
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Standard and Poor’s downgraded Standard Chartered Plc today for the first time in 20 years, after the bank forecast a second year of falling profit.
S&P cut the group’s credit grade one level to A from A+, with a negative outlook, according to a statement today. The lender reported falling revenue, increasing operating expenses and higher loan impairments in the third quarter, helping drive down the stock the most of any major British lender this year.