NEW YORK, Sept. 21 (Xinhua) -- The rating agency Moody's on Wednesday cut the debt ratings of Bank of America Corp, Wells Fargo & Co and Citigroup Inc, due to concerns about the government' s willingness to support large lenders.
The rating agency said that the government is more likely to give up big financial institutions if they get into trouble than during the financial crisis.
Moody's downgraded Bank of America's long-term senior debt rating to Baa1 from A2 and its short-term debt rating to Prime 2 from Prime 1.
Moody's also cut Wells Fargo's long-term debt to A1 from Aa3 and Citigroup's short-term debt from Prime 1 to Prime 2. The rating agency gave a negative outlook to all three banks.
The action concluded the rating agency's move three months ago when it placed the three U.S. biggest banks' debt ratings under review for a potential downgrade.