After Moody’s Investors Service downgraded several key U.S. banks late Thursday, the rating agency followed up by lowering ratings on $64 billion of related municipal debt Friday afternoon.

Moody’s downgraded a total of 1,675 U.S. public finance obligations with ratings that are based in whole or in part on support provided by one or more of the 15 banks and securities firms with global capital markets operations that were downgraded Thursday. “Such support includes letters of credit (LOCs), standby bond purchase agreements, and other liquidity facilities,” Moody’s stated.

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