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Moody’s revises HBOS and BOS outlooks to negative

Ratings agency Moody’s has revised its outlook for HBOS and Bank of Scotland to negative.

The move follows the revelation of a £4bn rights issue and £2.8bn worth of adjustments in negative fair-value against HBOS’ securities book.

Moody’s says it is concerned that further deterioration of market conditions could lead to further significant adjustments to the book being necessary, given its size.

But the agency stipulates that following the rights issue HBOS’ capital reserve will improve substantially, rising by 1.3% from its 2007 end-of-year level of 7.7%.

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