Research Note: The Moody’s Downgrades: Impacts on Securities Lending, Repo and Collateral Management

June 2012

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On Thursday June 21, 2012, Moody’s Investor Services released revised ratings on 15 major international banks. The long-term ratings on both bank holding companies and operating companies were reduced and short-term ratings were either reduced or stayed the same. In this note we review what happened and what the expected impacts will be for securities lending, repo and money markets.

This eight page research note should be read by participants in the securities lending, repo and collateral management markets, including professionals responsible for decisions on counterparty credit risk.


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