NEW YORK: Moody's Investors Service said Thursday that it was reviewing the ratings of Bank of America Corp. Citigroup Inc. and Wells Fargo & Co. for possible downgrades.
The rating agency gives the three banks fairly strong investment-grade credit ratings. But those grades are based on Moody's assumption that the federal government would prevent them from failing in a crisis. Moody's said Thursday that this "too big to fail" presumption may no longer be true.
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