Finance

Moody’s Downgrades BofA, Wells Fargo 

Saying that it expects both banks to need further “systemic support” — codespeak for government funding — Moody’s Investors Service on Wednesday cut key debt and bank ratings for both Bank of America Corp. [stock BAC][/stock] and Wells Fargo & Co. [stock WFC][/stock]. In particular, Moody’s cut Bank of America, N.A.’s bank financial strength rating (BFSR) to D from B-, while Wells Fargo Bank N.A. saw its BFSR cut to D+ from a prior B rating.