Moody’s Says US Government has Weaker Capacity to Support Big Banks

JPMorgan Chase, Wells Fargo and BofA Hit With Negative Ratings Outlook As Moody’s Says US Government Has Weaker Capacity To Support Big Banks Alex Richardson November 19, 2023 Three US banking giants have just had their ratings downgraded to “negative” by Moody’s. Moody’s Investor Service downgraded JPMorgan Chase, Wells Fargo and Bank of America to negative ratings after previously classifying them as stable, MarketWatch reports. Analyst Peter E. Nerby of Moody’s said that the worsening outlook on bank debt was due to “the potentially weaker capacity of the government of the United States of America (Aaa negative) to support the U.S.’s…