Moody’s Downgrades Major US Banks: Impact on Borrowing and Market Perception

Moody’s Investors Service downgraded the long-term credit ratings of JPMorgan Chase, Bank of America, and Wells Fargo on Monday. This action follows Moody’s earlier decision to downgrade the United States’ sovereign credit rating due to concerns over the nation’s escalating $36 trillion debt. The rating adjustments directly impact these banks’ borrowing costs and market perception.