Standard Chartered faces downgrading of credit rating

Claims that Standard Chartered broke US sanctions against Iran could result in its credit rating being downgraded, the agency Fitch warned on Thursday. The agency said it was still "too early" to judge the outcome and that there needed to be "more clarity". The bank is due to appear before the New York state department of finance services next week and it has been suggested that George Osborne has asked his US counterpart Tim Geithner to ensure it is treated fairly. The chancellor is said to have been reassured that there would be a coordinated approach between all the regulators involved – something which Sir Mervyn King of the Bank of England has also called for.