Moodys puts BOA, Citi, Wells Fargo Ratings on Review for Potential Downgrade

Developing....

UPDATE: The ratings agency reports that it has placed the deposit, senior debt, and senior subordinated debt ratings of B of A, Wells Fargo on review for possible downgrades.

Moody's said those ratings are buoyed by "uplift" from the government support of the banking system during the financial crisis.

But Moody's continued the U.S. Dodd-Frank financial reform law of last year has changed the level of government support that large U.S. banks can count on, and means that such "uplift" may no longer be appropriate, Moody's said.

Bottom line: Moody's has spotted something in the enormous Dodd-Frank Act, which suggests to them that the big banks are no longer considered Too Big To Fail, or at least the banks' debt won't be protected.