S&P downgrades top U.S. banks' credit ratings

Standard & Poor's Ratings Services has lowered its credit ratings and Bank of America as the biggest bank in US becomes one of the world largest target institutions in this matter. This institution keeps doing the evaluation about this decision by saying that the agency plans to discuss it on Wednesday and not release the result until that day. The rating of Bank of America’s credit rating, based on the issues, was cut from A+ category to A.

This release of S&P top U.S. banks' credit ratings is a shock for banking industries in this country and many parties say that this condition is not something positive and it can influence the economic condition in US because the release is not only about Bank of America but also its main subsidiaries. This situation can’t be separated from what happened in Europe that can influence the top U.S. banks' credit ratings.

However, the release about Bank of America Standard & Poor's Ratings doesn’t only affect the banking market but also the macroeconomic condition in US. There are many companies involved in the ratings released and it’s because the fact that Bank of America is the biggest banks in the U.S so every condition related to this institution will affect the whole economic situation.