Image from a quicklink (Image by Unknown Owner) Details DMCA | Moody's Corp cut the debt ratings of BoA Corp, Wells Fargo, and Citigroup, three of the largest U.S. banks, on worries the government would be less likely to support a large lender if it got into trouble.
The government is "more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled, as the risks of contagion become less acute," the ratings agency said. Moody's downgraded Bank of America's long-term senior debt rating to "Baa1" from "A2" and its short-term debt rating to "Prime 2" from "Prime 1." |