(Updates with information on the review starting in the second paragraph.)

April 13 (Bloomberg) -- Moody’s Investors Service said it has pushed back the timeline for its review of Western European banks and of firms with global capital markets operations.

Moody’s expects that the next rating action will occur in early May, with a conclusion to the reviews by the end of June, it said in a statement today. The rating company said in March it planned to complete the reviews by the middle of May.

“Moody’s is taking an appropriately deliberate approach during this review process and will conclude when it is confident that all relevant information has been received and analyzed,” the company said in a statement.

Moody’s first announced in February that it was putting 114 European banks and an additional eight non-European firms with large capital-markets businesses under review to assess the impact of the European sovereign-debt crisis. After abating earlier this year in the wake of the European Central Bank’s long-term lending program, the crisis flared again in recent weeks, driving the cost of insuring against a Spanish default to a record today.

--Editors: Frank Connelly, Edward Evans

To contact the reporter responsible for this story: Greg Chang at gchang1@bloomberg.net

To contact the editors responsible for this story: Frank Connelly at fconnelly@bloomberg.net