Yesterday, shares in a number of companies that make semiconductors for solar power products fell on analyst downgrades, concerns of global oversupply and weaker-than-expected earnings reports from a few solar companies.
The downgrade reflects "concerns about the increasing risk of Yukos losing ownership rights over its crucial cash-generating subsidiaries and uncertainties regarding liquidity," an S.&P.
Interdealer broker Tullet Prebon, which was hit last week by a Morgan Stanley downgrade amid concerns about trading, has recovered 11.5p to 149.5p as Citigroup took the opposite tack.
Moody's Investors Service said Monday that it would review Macy's ratings for a possible downgrade, citing concerns over the retailer's lower earnings forecast.
Moody's attributed the downgrading to concern over WPP's ability to repay debt, as well as the uncertain operating environment for the advertising industry.
The stocks and bonds of the Finova Group fell yesterday after the credit ratings of the company, a lender, were downgraded amid concerns employees will abandon the company.
Since then, Argentina's credit rating has been downgraded, and concerns about the government's ability to carry out the structural reforms that any I.M.F.
Italy and other ailing euro economies have also recently received credit rating downgrades, reflecting concerns both about their own prospects and the squabbling among European leaders over what would be a viable solution to the euro debt crisis.
In the conference call, Mr. Viniar took aim at Moody's Investors Service, which in February put Goldman and 16 other banks on review for downgrade, citing concerns about more difficult operating conditions and a tougher regulatory environment.
The auction came a day after Moody's Investors Service warned that it had put Spain's Aa1 long-term debt rating on watch for a possible downgrade, citing concerns that the country might have difficulty rolling over its loans.
