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Then Moody's Investors Service announced that it was cutting ratings on units of two bond insurers, M.B.I.A. and Ambac, further than investors had anticipated.
In addition to cutting ratings at smaller banks, analysts downgraded Wells Fargo and two banks that repaid their bailout money, BB&T and U.S. Bancorp.
In the fourth quarter, when business didn't seem to be going well, it almost seemed as if the company was holding the share price above $20 with its repurchase program when analyst after analyst was cutting ratings.
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Credit rating agencies had been cutting their ratings on Kmart debt steadily since November.
They might as well say that they are cutting their ratings because of possible future rating declines.
Moody's has recently led the way in cutting the ratings of European countries to junk status.
Some people have been calling for this in recent days, after America's Standard & Poor's agency sparked panic by cutting its ratings on Greece, Portugal and Spain.
Tad Philipp, a managing director of Moody's, said that with the new provisions for terrorism coverage, the agency did not expect to be cutting the ratings on loans on other buildings soon.
Indeed, after Bank made that comment, Standard & Poor's cited short-term liquidity concerns in cutting its ratings on Qwest corporate debt.
With the banks expected to receive less government support, Moody's said it was cutting its ratings for holding companies for Bank of New York Mellon Corp , Goldman Sachs Group Inc, JPMorgan Chase, and Morgan Stanley by one notch.
Fitch Ratings said Friday that it was cutting its credit ratings on three of the island's banks — Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank — which together have assets of 77.2 billion euros, equal to about 430 percent of G.D.P.
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