Moody's downgrade more like housekeeping: Henderson Global

European stocks rose slightly today as the euro clung to gains after eurozone policymakers moved to clean up struggling banks and fend off a financial crisis. European markets meanwhile await the US employment data which is due today.

Thursday saw the European Central Bank (ECB) announce aggressive liquidity measures, throwing a lifeline to bank lenders. The European Union said it would cough out a plan for a coordinated recapitalisation of banks by members of the eurozone. Also Read: Moody's slashes ratings of 12 UK banks 
In an interview with CNBC-TV18, Christopher Palmer of Henderson Global Investors said the credit ratings downgrade of 21 banks by Moody's Investors Service is more like housekeeping.