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Moody’s announced a blanket review of 17 banks that operate in global capital markets back on February 15.

Moody’s rationale, from the announcement:

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“These firms face challenges that are not fully captured in their current ratings. Capital markets firms are confronting evolving challenges, such as more fragile funding conditions, wider credit spreads, increased regulatory burdens and more difficult operating conditions. These difficulties, together with inherent vulnerabilities such as confidence-sensitivity, interconnectedness, and opacity of risk, have diminished the longer term profitability and growth prospects of these firms.”

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Downgrades on these major banks would have a serious reputational and financial impact. Many banks engage in derivatives contracts with counterparties that require additional collateral in the event of a downgrade, or have costly termination clauses.

So far, two of the 17 banks listed have been downgraded. Nomura was cut by one notch to Baa3 on March 15 and Macquarie saw its ratings slashed by two notches to A3 on March 16.

With the majority of the potential downgrades expected this month, we give you all the details on which banks could lose out—and how much they’ve estimated they could lose—if Moody’s takes the axe to their ratings.

Here are the banks on watch for a downgrade >