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Standard Poor's Ratings Services said today that it has taken various rating actions on European banking groups to reflect our view that extraordinary government support is likely to diminish as regulators implement resolution frameworks. We consider that a key milestone in this process was the European Parliament's approval of the EU Bank Recovery and Resolution Directive (BRRD) on April 15, 2014. We announced our rating review in an article published last month, in which we said that any resulting rating actions would likely consist mainly of outlook revisions (see "Standard Poor's To Review Government Support In European Bank Ratings," published on March 4, 2014).
Overall, for the main operating entity in each group, we revised the outlooks on 15 banks...
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