Standard & Poor's Cuts Ratings On 18 Banks

STEPHEN BERNARD

NEW YORK (AP) — Credit ratings agency Standard & Poor's on Wednesday cut ratings on 18 banks amid concern about further weakening in the financial sector.

S&P said the changes reflected its assessment that volatility will remain in the financial sector and the industry is expected to face tighter regulatory oversight. S&P also said loan losses, which have plagued the industry for more than a year, are likely to continue to increase and could grow beyond expectations.

BB&T Corp., Capital One Financial Corp., Regions Financial Corp. and Wells Fargo & Co. were among the largest banks that saw their ratings cut by S&P. ...