The European Commission has proposed a framework for a bank recovery and resolution regime, which in our view reduces the likelihood that subordinated debt will benefit from government support to negligible. We are consequently removing any uplift for potential government support from our issue ratings on subordinated instruments to reflect the banks' stand-alone credit profiles only. We are therefore lowering our ratings, by one or more notches, on nondeferrable subordinated debt issued by banks in several European countries. FRANKFURT (Standard&Poor's) July 24, 2012--Standard&Poor's Ratings Services said today that it had lowered its issue ratings on nondeferrable subordinated debt issued by banks in several European countries. These rating actions reflect our reading of the European Commission's (EC's)
