Moody's Investors Service has downgraded the ratings of Bank of America Corp. (BAC) and Wells Fargo & Co. The rating agency said that the U.S. government is less likely to support the bank, if needed.

The rating agency lowered BAC's long-term senior debt to 'Baa1' from 'A2' and its short-term debt to 'Prime-2' from 'Prime-1'. 

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