Moody's takes action on eight major U.S. Banks

Moody's Investors Service said it concluded its review of eight large U.S. banking groups. The credit ratings of these banking groups each benefit from the agency's assumption of government support.

The actions reflect strengthened US bank resolution tools, prompted by the Dodd-Frank Act, which affect Moody's assumptions about US government support. Further, these actions consider the changing credit profiles of certain banks.

The following actions were taken:

Bank of America Corp.: Long-term senior unsecured debt confirmed at Baa2, subordinated debt confirmed at Baa3, outlook stable; short-term Prime-2 confirmed;

Bank of America NA: Long-term deposit rating upgraded to A2 from A3, subordinated debt confirmed at Baa1, outlook stable; short-term to Prime-1 from Prime-2;

The Bank of New York Mellon Corp.: Long-term senior unsecured debt downgraded to A1 from Aa3, subordinated debt downgraded to A2 from A1, outlook stable; short-term Prime-1 affirmed;

The Bank of New York Mellon: Long-term deposit rating downgraded to Aa2 from Aa1, subordinated debt downgraded to Aa3 from Aa2, outlook stable; short-term Prime-1 affirmed;

Citigroup, Inc.: Long-term senior unsecured debt confirmed at Baa2, subordinated debt confirmed at Baa3, outlook stable; short-term Prime-2 confirmed.

Citibank, NA: Long-term deposit rating upgraded to A2 from A3, outlook stable; short-term to Prime-1 from Prime-2

Goldman Sachs Group, Inc.: Long-term senior unsecured debt downgraded to Baa1 from A3, subordinated debt downgraded to Baa2 from Baa1, outlook stable; short-term Prime-2 affirmed

Goldman Sachs Bank USA: Long-term deposit rating affirmed at A2, outlook stable; short-term Prime-1 affirmed;

JP Morgan Chase & Co.: Long-term senior unsecured debt downgraded to A3 from A2, subordinated debt downgraded to Baa1 from A3, outlook stable; short-term to Prime-2 from Prime-1;

JP Morgan Chase Bank NA: Long-term deposit rating affirmed at Aa3, subordinated debt downgraded to A2 from A1; outlook stable; short-term Prime-1 affirmed;

Morgan Stanley: Long-term senior unsecured debt downgraded to Baa2 from Baa1, subordinated debt downgraded to Baa3 from Baa2, outlook stable; short-term Prime-2 confirmed;

Morgan Stanley Bank NA: Long-term deposit rating affirmed at A3, outlook stable; short-term Prime-2 affirmed;

State Street Corp.: Long-term senior unsecured debt confirmed at A1, subordinated debt confirmed at A2, outlook stable; short-term Prime-1 affirmed;

State Street Bank and Trust Co.: Long-term deposit rating downgraded to Aa3 from Aa2, subordinated debt downgraded to A1 from Aa3, outlook stable; short-term Prime-1 affirmed;

Wells Fargo & Co., Inc.: Long-term senior unsecured debt confirmed at A2, subordinated debt confirmed at A3, outlook stable; short-term Prime-1 confirmed; and

Wells Fargo Bank, NA: Long-term deposit rating affirmed at Aa3, subordinated debt confirmed at A1, outlook stable; short-term Prime-1 affirmed.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.