Managing Director Thomas Abruzzo added that the downgrades reflect `` fundamental risks in the global trading bank environment . '' The banks were Bank of America , Morgan Stanley and Goldman Sachs . Luxembourg 's Barclays , Societe Generale and other banks were also downgraded . Last ##ly , Standard & Poor 's downgraded the credit ratings of 10 % .
The banks were Bank of America , Morgan Stanley and Goldman Sachs . Luxembourg 's Barclays , Societe Generale and other banks were also downgraded . Last ##ly , Standard & Poor 's downgraded the credit ratings of 10 % .