BofA, Wells Fargo, Citi Downgraded By Moody's

Law360, New York (September 21, 2011, 4:44 PM EDT) -- Moody's Investors Service Inc. downgraded the debt ratings of Bank of America Corp., Wells Fargo & Co. and Citigroup Inc. on Wednesday, saying the U.S. government is less likely to support the lenders in the wake of the financial crisis and bank bailout.

With the adoption of the Dodd-Frank Wall Street Reform and Consumer Act last year, the government signaled it was willing and able to allow major financial institutions to collapse, Moody's said, pointing out that the law includes procedures for the orderly liquidation of...
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