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Great. This was all they needed. Hot on the heels of news that Europe’s investment banks have been losing local market share to U.S. competitors, they now have to digest a debt downgrade from Standard & Poor’s. Long term ratings on Barclays, Deutsche Bank and Credit Suisse have been cut from A plus to A. UBS was already at A and will stay there. The agency cites a range of woes as the rationale: regulation will lead to declining revenues; market conditions are uncertain; business models will need restructuring, et cetera. Share prices fell in response. Barclays was down 3 per cent, while Credit Suisse and Deutsche Bank fell 4 per cent before recovering slightly.