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Chain Reaction After US Sovereign Downgrade: Moody's Downgrades Major US Banks' Deposit Ratings to Aa2
Recommend 1 Positive 3 Negative 7 |
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Moody's downgrade of the US sovereign rating sparked a chain reaction. On Monday, Moody's downgraded the deposit ratings of major US banks, including Bank of America (BAC.US) and JPMorgan (JPM.US), citing the downgrade of the US government rating as an indication of reduced ability to support high-rated debt. The long-term deposit ratings of subsidiaries of Bank of America, JPMorgan, and Wells Fargo (WFC.US) were all downgraded by one notch to Aa2, which is Moody's third-highest rating. Additionally, Moody's downgraded the senior unsecured debt ratings of certain subsidiaries of Bank of America and BNY Mellon (BK.US) from Aa1 to Aa2. AASTOCKS Financial News Website: www.aastocks.com |
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