S&P cuts credit grades of 8 large US banks

Seattle

JPMORGAN Chase & Co, Bank of America Corp and Citigroup Inc are among eight large US banks that had credit grades cut one level by Standard & Poor's on the prospect that the US government is less likely to provide aid in a crisis.

After signalling the move last month, S&P lowered its long-term issuer credit, senior unsecured, and non-deferrable subordinated debt ratings, according to a statement on Wednesday. Firms affected also include Wells Fargo & Co, Goldman Sachs Group Inc, Morgan Stanley, Bank of New York Mellon Corp and State Street Corp.