Daily Archives: 21/09/2011

(Reuters) Moody’s Corp on Wednesday cut the debt ratings of Bank of America Corp, Wells Fargo & Co and Citigroup Inc, three of the largest U.S. banks, on worries the government would be less likely to support a large lender if it got into trouble.

The government is “more likely now than during the financial crisis to allow a large bank to fail should it become financially troubled, as the risks of contagion become less acute,” the ratings agency said.

The action concludes a three month review that began in June when the ratings agency said the banks faced a potential downgrade.

Moody’s downgraded Bank of America’s long-term senior debt rating to “Baa1” from “A2” and its short-term debt rating to “Prime 2” from “Prime 1.”

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() on Sep 21, 2011 – Palestinians are cheering on their leader’s attempts to win membership to the UN General Assembly, with massive rallies across the West Bank. Moscow has backed the bid, saying Palestinians deserve a right to put their case. But the U.S. is doing all it can to halt that presentation, claiming it will veto the move unless Palestinians and Israelis launch new talks. RT’s Paula Slier reports from Ramallah.