Moody’s Cuts Ratings on Major Banks After Downgrading US
Moody’s Ratings cut its ratings for deposits at Bank of America Corp., JPMorgan Chase & Co., and Wells Fargo & Co., citing last week’s downgrade of the US and the government’s weakened ability to support them.
The lenders’ long-term deposit ratings were lowered by one step to Aa2, Moody’s third-highest level. The bond grader also downgraded the senior unsecured debt ratings for some rated subsidiaries and branches of Bank of America and Bank of New York Mellon Corp, cutting them to Aa2 from Aa1.
In addition, Moody’s cut the long-term counterparty risk ratings for some units of Bank of America, BNY, JPMorgan, State Street Corp. and Wells Fargo, lowering them to Aa2 from Aa1.
Source : Bloomberg
