Moody’s downgrades credit ratings of 15 major banks
The credit ratings of 15 major banks were slashed Thursday, the latest setback for an industry already grappling with global economic turmoil and weak profits. The decision by Moody’s Investors Service to cut banks’ credit scores to new lows could further damage their bottom lines and unsettle markets even more. Citigroup and Bank of America, which have struggled to fully recover from the financial crisis, were among the hardest hit. After two-notch downgrades, their credit ratings now stand just two levels above junk.