A tough week just got worse.
JPMorgan, Bank of America and Citigroup are among eight large U.S. banks that had credit grades cut one level by Standard & Poor’s on the prospect that the U.S. government is less likely to provide aid in a crisis.
Standard & Poor's affirmed its AAA long-term and A-1+ short-term credit ratings for Germany on Friday.
Fmr. Bank of America Economist Lynn Reaser on the declining credibility of the ratings agencies.