Daily News: December 3, 2015

Bloomberg: S&P Cuts Ratings on Eight Large Banks

Bloomberg reported that JPMorgan Chase, Bank of America and Wells Fargo are among eight large U.S. banks that had credit grades cut one level by Standard & Poor’s on the prospect that the U.S. government is less likely to provide aid in a crisis.

Bloomberg said, according to an S&P statement, after signaling the move last month, the rating agency lowered its long-term issuer credit, senior unsecured and non-deferrable subordinated debt ratings.

Bloomberg noted firms affected also include Citigroup, Goldman Sachs, Morgan Stanley, Bank of New York Mellon and State Street.