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Moody’s counters S&P report on UK bank stability
Moody’s today countered claims by rival credit rating agency Standard & Poor’s made yesterday that the UK banking system is vulnerable to financial stress.
“Moody’s believes the major UK banks are well equipped to deal with a potential decline in economic conditions and financial markets, and the consequent deterioration in asset quality,” said the agency in a statement.
The last point directly counters the assertion by S&P yesterday that UK banks are potentially vulnerable to a housing market fall in the UK. British house prices have risen rapidly during the past 12 months, sparking concerns that the market represents an asset bubble that could soon burst.
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