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S&P criteria change reduces ratings on big banks

Tags: U.S. Banks
Standard & Poor's reduced its credit ratings on several big banks in the United States and Europe Tuesday as the result of an overhaul of its ratings criteria.

Banks, including JPMorgan Chase & Co., Bank of America Corp., Citigroup Inc., Wells Fargo & Co., Goldman Sachs Group Inc., Morgan Stanley, Barclays Plc, HSBC Holdings Plc, and UBS AG, had their ratings reduced by one notch each. A notch is one third of a letter rating.
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