Getting your player ready...
NEW YORK — Standard & Poor’s Ratings Services has lowered its credit ratings for many of the world’s largest financial institutions, including the biggest banks in the U.S.
Bank of America and its main subsidiaries are among the institutions whose ratings fell at least one notch Tuesday, along with Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley and Wells Fargo.
S&P said the changes in 37 financial companies’ ratings reflect the firm’s new criteria for banks, and they incorporate shifts in the industry and the role of governments and central banks worldwide. Bank of America’s issuer credit rating was cut to “A” from “A+,” while its Countrywide Financial and Merrill Lynch were cut to “A-” from “A.”
