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News Link • Economy - Economics USA

Three Major Banks Prepare for Possible Credit Downgrades

• New York Times

Some of Wall Street’s biggest banks are bracing for fallout from a possible cut in their credit ratings.

Moody’s Investors Service, one of the two big ratings agencies, has said it will decide in mid-May whether to lower its ratings for 17 global financial companies. Morgan Stanley, which was hit hard in the financial crisis, appears to be the most vulnerable. Moody’s is threatening to cut the bank’s ratings by three notches, to a level that would be well below the rating of a rival like JPMorgan Chase.


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