Moody's Investors Service is taking a severe view of the potential financial ramifications to ANZ of its alleged conduct malfeasance in the short-term money market.In a statement yesterday Moody's said the legal proceedings and allegations were credit negative for ANZ "because they could lead to reputational damage and punitive settlements."Moody's clarified that "should the allegations be proven in a court of law, it is unlikely that the punitive damages themselves would create significant financial strain for ANZ. "However, the costs associated with any mandated remedial actions and the costs resulting from reputational issues could be meaningful. "Additionally, if proven, the charges threaten to leave the bank exposed to potential class-action lawsuits whose damages could be significant."