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Moody's Cuts Credit Ratings of 15 Big Banks

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After putting banks on watch four months ago, Moody's Investors Service on Thursday slashed the credit ratings of 15 large financial firms, in a move that could do lasting damage to their bottom lines and unsettle the markets. Two United States banks that were hit hard in the financial crisis emerged with the lowest ratings. Citigroup and Bank of America are now rated only two notches above junk. While Morgan Stanley avoided a worst-case scenario of a three-notch downgrade, its rating slipped by two levels.

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