Standard & Poor’s Wednesday downgraded its ratings or revised its outlooks on 22 U.S. banks — more than half of which have provided letters of credit on municipal securities — to reflect the ongoing change in the banking industry.

Standard & Poor’s said it expects less favorable operating conditions, greater volatility and tighter regulations to have an impact on the industry. The rating agency also said the actions reflect it “ongoing broad-range reassessment of industry risk for U.S. financial institutions.”

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