US banks cut by Moody’s

Oliver Smith
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TOP US banks including JP Morgan and Goldman Sachs saw their credit ratings cut by Moody’s yesterday after the ratings agency recognised the US federal government is less likely to bail out firms in the future if they face financial difficulty.

The long-term debt ratings of Goldman, Morgan Stanley and JP Morgan were downgraded one notch to Baa1, Baa2 and A3, respectively.