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[quote=Anonymous]Here come the knock-on effects - ratings downgrades for the large US banks:
https://ratings.moodys.com/ratings-news/443211

[quote][i] Moody's Ratings (Moody's) has downgraded to Aa2 from Aa1 the long-term deposit ratings for the rated bank subsidiaries and branches of Bank of America Corporation (BAC), JPMorgan Chase & Co. (JPM) and Wells Fargo & Company (WFC). We also downgraded to Aa2 from Aa1 the long-term senior unsecured debt ratings and issuer ratings for certain rated subsidiaries and branches of BAC and The Bank of New York Mellon Corporation (BNY). In addition, we downgraded to Aa2 from Aa1 the long-term counterparty risk ratings (CRRs) for certain rated subsidiaries and branches of BAC, BNY, JPM, State Street Corporation (STT), and WFC; and we downgraded to Aa2(cr) from Aa1(cr) the long-term counterparty risk assessments (CRAs) for the rated subsidiaries and branches of BAC, JPM and WFC.

The rating outlooks on the Aa2 deposit ratings at the bank subsidiaries of BAC and WFC were changed to stable from negative; and the rating outlooks on the Aa2 deposit ratings at the bank subsidiaries and branches of JPM were changed to positive from negative. The rating outlooks on the Aa2 senior unsecured debt and issuer ratings at certain subsidiaries and branches of BAC and BNY were changed to stable from negative.
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The rating actions were triggered by our downgrade of the Government of United States of America's (US Government) long-term issuer rating to Aa1 from Aaa, with a stable outlook ("Moody's Ratings downgrades United States ratings to Aa1 from Aaa; changes outlook to stable", https://ratings.moodys.com/ratings-news/443154). The downgrade of the US Government's rating indicates that its ability to support the US's global systemically important banks (G-SIBs) has weakened.[/i][/quote][/quote]

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