S&P Downgrades Numerous European Banks, Warns Deutsche Bank May Be Next

S&P has taken the big red marker out on a slew of European banks:

Downgrades: Credit Suisse, Barclays, Lloyds, Bank of Scotland, RBS, HSBC, and Ulster Bank
On Watch Negative: Raiffeisen Zentralbank, MBank, Unicredit, Commerzbank, and Deutsche Bank

The driver of the shift in perspective is the apparent removal of the 'bailout put', as the prospect of "extraordinary government support" appeared less likely under recently passed bail-in legislation.

*S&P TAKES VARIOUS RATING ACTIONS ON SOME EUROPEAN BANKS
*S&P: ACTIONS REFLECT EU BANK RECOVERY & RESOLUTION DIRECTIVE
*S&P MAY REMOVE SYSTEMIC SUPPORT NOTCHES IN SOME CASES IN REVIEW

Downgrades

*RBS GROUP PLC CUT TO BBB- FROM BBB+ BY S&P, OTLK TO STABLE
*LLOYDS BANKING GROUP CUT TO BBB FROM A- BY S&P, OUTLOOK TO POS
*S&P: ULSTER BANK TO BBB+/WATCH NEG FROM BBB+/NEGATIVE - FOR
*S&P: HSBC HOLDINGS PLC TO A/STABLE FROM A+/NEGATIVE - FOR
*S&P: STANDARD CHARTERED PLC TO A-/STABLE FROM A/NEGATIVE - FOR
*BARCLAYS PLC CUT TO BBB FROM A- BY S&P, OTLK STABLE
*S&P: ROYAL BANK OF SCOTLAND GROUP PLC TO BBB-/STABLE FROM BBB+/
*S&P: CREDIT SUISSE GROUP AG TO BBB+/STABLE FROM A-/NEGATIVE

Outlook Neg:

*RAIFFEISEN ZENTRALBANK OESTERREICH AG MAY BE CUT BY S&P
*S&P: COMMERZBANK AG TO A-/WATCH NEG FROM A-/NEGATIVE - FOR
*S&P: COMMERZBANK AG MAY BE CUT
*S&P: NATIONWIDE BUILDING SOCIETY TO A/WATCH NEG FROM A/NEGATIVE
*NATIONWIDE BUILDING SOCIETY MAY BE CUT BY S&P
*S&P: MBANK TO BBB+/WATCH NEG FROM BBB+/NEGATIVE - FOR
*MBANK MAY BE CUT BY S&P
*S&P: DEUTSCHE BANK AG TO A/WATCH NEG FROM A/NEGATIVE - FOR
*DEUTSCHE BANK AG MAY BE CUT BY S&P
*S&P: UNICREDIT BANK AG TO A-/WATCH NEG FROM A-/NEGATIVE - FOR