Moody's Investors Service has lowered the credit ratings on some of the world's biggest banks, including Bank of America, JPMorgan Chase and Goldman Sachs, reflecting concern over their exposure to the violent swings in global financial markets.The verdict was quickly in;
In a sign that investors were taking the news in stride, stocks of major U.S. banks rose in afterhours trading. Moody's made its announcement after regular stock trading had closed.
Morgan Stanley rose the most, 3.2 percent, gaining 45 cents to $14.41. JPMorgan Chase & Co. rose 38 cents to $35.89 and Bank of America Corp. rose 6 cents to $7.88.Moody's may be most famous for doling out all those AAA ratings on subprime mortgage backed securities that enabled the (no longer) recent housing bubble in the U.S.