Bloomberg reported that JPMorgan Chase, Bank of America and Wells Fargo are among eight large U.S. banks that had credit grades cut one level by Standard & Poor’s on the prospect that the U.S. government is less likely to provide aid in a crisis.
Bloomberg said, according to a S&P statement, after signaling the move last month, the rating agency lowered its long-term issuer credit, senior unsecured and non-deferrable subordinated debt ratings.
Bloomberg noted firms affected also include Citigroup, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and State Street.
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