Wells Fargo and Other U.S. Banks Get Ratings Cut by Moody’s. Why Their Stocks Aren’t Getting Crushed.
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Moody’s Ratings cut its credit ratings on JPMorgan Chase Bank of America and other banks on Monday, following a downgrade on the U.S. debt. The rating agency moved its rating one step lower to Aa2 from Aa1 on Bank of America, JPMorgan Chase, Wells Fargo and Bank of New York Mellon It cited a weaker capacity of the U.S. government to support these banks after it took away the U.S. government’s perfect credit rating on Friday evening.
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