B&B rating downgraded

Moody\'s has downgraded Bradford & Bingley, calling the lender weakly capitalised and overreliant on Bank of England funding. B&B\'s arrears are higher than any of its UK peers, having gone from 2.1% to 3.1% during the first half of 2008. Moody\'s says the economic downturn is only in its early stages and expects arrears to rise further.