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Moody's Warns More Credit Downgrades Are Coming

STEVE INSKEEP, HOST:

Another blast from a credit rating is at the top of NPR's business news.

(SOUNDBITE OF MUSIC)

INSKEEP: The U.S. rating agency Moody's announced this morning that more downgrades maybe coming. This time for nearly 20 global banks and dozens of additional European firms, names like Morgan Stanley and UBS could see their long-term credit ratings affected here. It's another indication of the wide reach of Europe's debt crisis.

Moody's is asking how vulnerable banks are to the strained finances in many countries. Transcript provided by NPR, Copyright NPR.