Moodys downgrades JPM, BofA and Wells Fargo
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The Manila Times on MSN14h
Moody's downgrades top US lendersMOODY'S on Monday downgraded the long-term ratings of top American lenders such as JP Morgan Chase, Bank of America (BofA) and Wells Fargo after pushing the United States out of top triple-A rating club over its burgeoning $36-trillion debt.
Long-term US borrowing costs surged to their highest level since late 2023 on Monday, as a fresh downgrade of the country’s credit rating and new fiscal legislation pushed bond markets into retreat and revived investor concerns over the sustainability of American debt, the Financial Times reported.