Moody's cuts ratings of four major US banks

New York Times Posted online: Saturday, Nov 16, 2013 at 0000 hrs
London : Moody’s has lowered its credit ratings on Thursday for four major US banks reflecting a belief that the institutions would not receive the same level of government support in another financial meltdown.

Moody’s said that there was less likelihood of a widespread bailout of banks by the US government as there was during the financial crisis ago and that bank debt holders would be forced to shoulder more of the losses in the future.

Moody’s lowered by one notch the holding company ratings for Morgan Stanley, Goldman Sachs, JPMorgan and Bank of New York Mellon.

CHAD BRAY