S&P cuts its credit ratings for European banks

S&P cuts its credit ratings for European banks Barclays (BCS), Credit Suisse (CS) and Deutsche Bank (DB) to A from A+, as regulators and uncertain market conditions make operating in the industry more difficult. The tightening of regulation on capital market activity will lead to declines in revenues for those banks, S&P says. UBS' A/A1 credit rating is retained