Moody's Investors Service last week downgraded the senior debt ratings of Bank of America Corp. to Aa2 from Aa3 and Wells Fargo & Co. to Aa3 from Aa1 after both banks earlier this month completed major acquisitions. Both ratings have negative outlooks.

In addition, Moody's upgraded the companies acquired by Bank of America and Wells Fargo to match their level. Moody's upgraded Wachovia Corp., acquired by Wells Fargo, to Aa3 from A1, and Merrill Lynch & Co.., acquired by Bank of America, to Aa3 from A2.

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