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NEW YORK (AP) — Credit ratings agency Standard & Poor's is reviewing whether to cut the ratings of 23 regional and national banks.
The firms were placed on "CreditWatch Negative" on Monday, which means there is a 50 percent chance the ratings will be cut in the next three months. S&P said it expects the results of the reviews by the end of May.
The negative watch is tied to an ongoing industrywide review S&P is conducting on the financial services sector, which has been battered for nearly two years by the credit crisis and ongoing recession. ...
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