Moody's on Tuesday affirmed the long-term and short-term ratings of Bank of America, Citigroup, and Wells Fargo. But, the rating agency said it changed its outlook on the trio to negative from stable after the recent passage of landmark legislation in Washington, D.C.
The rating agency's outlook was prompted by the recent passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) – “a law that, over time, is expected to result in lower levels of government support for U.S. banks.”
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