Standard & Poor's Friday downgraded 11 major U.S. and European financial institutions as they continue to face pressure from complex financial risks and the weakening economy.

The downgrades included some of the municipal market's largest letter of credit providers, including Bank of America NA and JPMorgan Chase Bank NA, both downgraded to AA-minus from AA. Both maintained short-term ratings of A-1-plus, Standard & Poor's highest rating.

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