All three major credit rating agencies downgraded NIB Capital after the Netherlands-based merchant bank yesterday agreed a €2.1bn ($2.6bn) buy-out by a private equity consortium led by former Goldman Sachs banker Christopher Flowers.

Moody's Investors Service, Standard & Poor's and Fitch Ratings all cut their credit ratings by several notches to low single-A, allowing NIB to keep its investment grade rating following the completion of the buy-out.